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SC may de-freeze Sahara bank a/cs to let it raise Rs. 10K crore

Sahara-bankThe Supreme Court on Wednesday said that it may de-freeze accounts of Sahara Group in order to pave way for the company to pay Rs. 10000 crore for seeking bail.

The apex court will resume hearing in the case on Thursday. Meanwhile, the court has sought details of application, deposits of funds raised by Sahara.

Sahara counsel had earlier in the day argued that SC order seeking Rs. 10,000 crore repayment is not feasible since all the bank accounts of the company are frozen.

In its last hearing on April 09, the Supreme Court had rejected Sahara Group’s plea to put Roy under house arrest. The company had argued that Roy under house arrest would be able to negotiate deals for arranging money to repay investors.

The apex court had earlier imposed a condition that Roy will be freed on bail only if he pays Rs. 10,000 crore out of which Rs. 5,000 crore has to be in bank guarantee and rest Rs. 5,000 crore in cash.

However, Sahara Group, on April 3, had expressed its inability in immediately paying Rs. 10,000 crore for securing bail for Roy and its two directors Ravi Shankar Dubey and Ashok Roy Choudhary, who are in jail since March 4.

65-year-old Roy had earlier submitted that the apex court’s order for detaining him for not paying Rs. 20,000 crore of investors’ money with SEBI was “illegal and unconstitutional” and sought quashing of the order.

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