Can’t afford to pay Rs 10,000 crore to bail out Subrata Roy: Sahara

New Delhi: The Sahara Group told the Supreme Court on Thursday that it cannot afford to pay Rs10,000 crore to secure the release from prison of its chief Subrata Roy.

Mr Roy has been at the Tihar Jail here along with two directors of the Group’s companies since March 4 in connection with its failure to refund Rs 20,000 crore raised fraudulently from hundreds of small investors. The apex court had on Wednesday set the condition of depositing Rs10,000 crore of that amount with market regulator Sebi for releasing Mr Roy on bail.

The bench had clarified that it agreed to grant interim bail only to facilitate Mr Roy to raise the money which is to be deposited with Sebi.

The apex Court had set Rs 5,000 crore in cash and Rs 5,000 crore of bank guarantee to be furnished as a pre-condition of bail to Mr Roy and the two directors Ravi Shankar Dubey and Ashok Roy Choudhary.

A bench of Justices K.S Radhakrishnan and J.S. Khehar had turned down Sahara’s plea to reduce the amount and asked the Sahara group to convey its reply to the court till Thursday.

It also asked the market regulator to respond to Sahara’s latest proposal of paying Rs 20,000 crore in five installments by March next year.

The bench has adjourned the hearing till April 3.