Thursday, 27 March 2014

SC orders Sahara to pay 100 billion rupees to release chairman Roy on bail

The Supreme Court has agreed to release the head of the Sahara company from custody, but only after the group deposits 100 billion rupees in cash and bank guarantees.

Sahara Chairman Subrata Roy was arrested on February 28 and has been held in a Delhi jail since March 4 after failing to appear at a contempt hearing in a long running legal battle between the group and the securities regulator over the refund of billions of dollars to investors in outlawed bonds.


In its ruling on March,26, 2014, the Supreme Court ordered unlisted Sahara to deposit 50 billion rupees in cash with the securities regulator as well as provide bank guarantees for another 50 billion rupees.

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