Sahara Group on Thursday expressed its inability before the Supreme Court to immediately pay Rs. 10,000 crore for securing bail of its chief Subrata Roy and its two directors, who have been in jail since March 4.
The group told a bench of justices K S Radhakrishnan and J S Khehar that it can pay Rs. 2,500 crore immediately and rest Rs. 2,500 crore in cash within three weeks after release of Roy and two directors, Ravi Shankar Dubey and Ashok Roy Choudhary.
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.
The court, however, asked Sahara to file its proposal before the Registry and then it will consider it.
The hearing will continue in post lunch session.
Roy and the other two directors of the Group have been in judicial custody since March 4 for not abiding by the apex court’s order for depositing Rs. 20,000 crore of investors money with SEBI.
65-year-old Roy had earlier submitted that the apex court’s order for detaining him for not paying Rs. 20,000 of investors’ money with SEBI was illegal and unconstitutional and sought quashing of the order.
