New Delhi: Providing some relief to jailed Sahara Group chief Subroto Roy, the Supreme Court on Wednesday said it was contemplating to relax the bail condition that he refund Rs 10,000 crore investors money. The apex court said it was willing to defreeze the Group’s accounts to enable its chief to come out of prison and facilitate refund of Rs 20,000 crores to market regulator Sebi.
The apex court had last year frozen all bank accounts of the Sahara Group’s companies and restrained them from selling any properties without its approval.
Senior advocate Rajiv Dhavan, appearing for the Sahara Group, on Wednesday said it is difficult to raise the money under these conditions.
The counsel said the company will identify the properties along with the bank accounts and will inform the court and seek defreezing of bank accounts.
He said raising money has become a difficult proposition as the chief of the Sahara Group and two senior officials are in jail.
During the hearing, Sahara alleged the detention order was “pre-written” and the judges simply pronounced it on March 4.
The counsel complained that Mr Roy and two others are in jail on the basis of an order which does not appear to be legal and the apex court transgressed its power.
