Citizens' Issues
Subrata Roy Sahara gets conditional bail from Supreme Court

After spending 22 days behind the bars, Subrata Roy has been granted bail on a condition that Sahara group deposits Rs10,000 crore with SEBI

The Supreme Court, while granting conditional bail to Subrata Roy, has asked the Sahara group to deposit Rs5,000 crore with market regulator Securities and Exchange Board of India (SEBI) and also provide bank guarantees for another Rs5,000 crore. After spending 22 days behind the bars, Roy has been granted bail on a condition that Sahara group deposits Rs10,000 crore, half of it in cash, with SEBI.

 

The apex court also agreed to defreeze bank accounts of Sahara group companies to raise Rs10,000 crore. The case is adjourned for Thursday and Sahara is asked to furnish its bank account numbers which are to be defreezed.

 

During the hearing on Tuesday, the Sahara group offered to pay the market regulator Rs20,000 crore within next 12 months. This is the money, two Sahara group companies collected from investors through optionally fully convertible debentures (OFCD).

 

In a fresh proposal to the bench of Justices KS Radhakrishnan and JS Kehar, the Sahara group had said they will deposit with SEBI Rs2,500 crore within three working days of the acceptance of its proposal and three instalments of Rs3,500 crore each on 30th June, 30th September and 31 December 2014. The balance Rs7,000 crore would be deposited 31 March  2015, the group said.

 

The Sahara group said its proposal to deposit Rs20,000 crore to the market regulator in five instalments would be backed by an irrevocable bank guarantee.

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COMMENTS

gupta

4 years ago

Let him out and give him a chance to pay the amount. Whats wrong with that and whats the immediate hurry? Its just plain torture.

SC to hear Sahara plea on Wednesday

The apex court said that it cannot appreciate a proposal being made across the bar from Sahara group

The Supreme Court on Tuesday adjourned hearing on Sahara Group chief Subrata Roy's bail plea.

 

During the hearing on Tuesday, the Sahara group offered to pay market regulator Securities and Exchange Board of India (SEBI) Rs20,000 crore within next 12 months. This is the money, two Sahara group companies collected from investors through optionally fully convertible debentures (OFCD).

 

In a fresh proposal to the bench of Justices KS Radhakrishnan and JS Kehar, the Sahara group said they will deposit with SEBI Rs2,500 crore within three working days of the acceptance of its proposal and three instalments of Rs3,500 each on 30th June, 30th September and 31 December 2014. The balance Rs7,000 crore would be deposited 31 March  2015, the group said.

 

The Sahara group said its proposal to deposit Rs20,000 crore to the market regulator in five instalments would be backed by an irrevocable bank guarantee.

 

The court will consider the proposal on Wednesday as it declined to entertain the same today, saying that it cannot appreciate a proposal being made across the bar. The court said the same should have been submitted to the registry Wednesday evening so that they could have gone through it.

 

Roy will remain in judicial custody as the hearing on Roy's bail plea will now resume on Wednesday.

 

The court had 4th March sent Sahara chief Roy and his two directors to Tihar jail for failing to deposit the said amount to the market regulator.

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COMMENTS

Ivanuel

4 years ago

Why SC is listening to Sebi rather than investors who did not come forward against Sahara. Sebi is working under political pressure rather than for justice

viv

4 years ago

SEBI's single point agenda is to demolish Sahara as it clearly knows that it can not win this battle fighting as per Legal provisions under the law's of the land. It has created a very unfortunate situation wherein Hon'ble Court's order is being challenged as "constitutional & illegal".

REPLY

viv

In Reply to viv 4 years ago

It should be read as "unconstitutional & illegal".

Indian Mujahideen chief Tehseen Akhtar arrested

With the arrest of Tehseen, almost the entire top leadership of Indian Mujahideen, has been nabbed by the police

In a major breakthrough, a Special Cell of Delhi Police arrested Tehseen Akhtar alias Monu, the current chief of terror outfit Indian Mujahideen (IM). Akhtar is one of the most wanted terrorist blamed for a number of terror attacks in India.

 

Special Commissioner of the Special Cell SN Shrivastava confirmed his arrest but refused to divulge more details.

 

Akhtar was heading the IM after the arrest of Yasin Bhatkal, co-founder of the terror outfit.

 

With the arrest of Tehseen, almost the entire top leadership of Indian Mujahideen has been nabbed by the police.

 

Earlier, Delhi Police nabbed another top IM operative Zia Ur Rehman alias Waqas from Ajmer in Rajasthan along with three of his associates.

 

Indian Mujahideen co-founder Ahmad Siddhibappa Zarar alias Yasin Bhatkal, Tehseen Akhtar alias Monu, Asadullah Akhtar alias Haddi and Zia Ur Rehman alias Waqas were the brains behind almost every IM attack on Indian soil.

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