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Roy bail: Sahara makes new proposal

by IBNS 21 Apr 2014, 10:40 am

New Delhi, Apr 21 (IBNS) Making a fresh proposal, the Sahara Group on Monday said it will deposit Rs 3,000 crore within three days of its chief Subrata Roy's release.

The company also proposed to pay an additional Rs 3,000 crore by May 30 and the bank guarantee of Rs 5,000 crore by June 20.

Earlier on n Apr 17, Sahara submitted a proposal to the Supreme Court for the modification of Roy's bail conditions.

Sahara submitted to the court that they would make an upfront payment of Rs. 2500 crore within 4 working days and further payment of Rs. 2,500 crore within 60 days of the release of its group chairman.

The Supreme Court on Mar 26 granted conditional bail to Roy and ordered him to deposit Rs 10,000 crore with market regulator Securities and Exchange Board of India (SEBI) for his interim release.

The apex court said Roy has to deposit Rs 5,000 crore in cash, and another Rs 5,000 crore through a bank guarantee.