New Delhi: The Supreme Court on Monday gave Sahara group an ultimatum of three months to finalise the proposal to raise Rs 10,000 crores to enable its chief Subrata Roy and two directors, languishing in jail since March 4, 2014, to come out on bail.
Giving this last opportunity, taking note of the submissions of senior counsel Kapil Sibal, appearing for Sahara group, a bench of Justices TS Thakur, Anil R Dave and AK Sikri made it clear that if Sahara failed in this attempt to raise money, it would be constrained to consider an option to appoint a receiver to sell the three properties — two in the United States and one in the United Kingdom.
The bench told Mr. Sibal that the way in which the company was struggling to raise even Rs10,000 crore (Rs 5,000 crore cash deposit and Rs 5,000 crore as bank guarantee) for Roy’s bail, how long it would take to deposit another Rs 30,000 crore for repayment to the depositors. However, Mr. Sibal disputed the figure and said he would demonstrate that the company was not liable to repay Rs 30,000 crore as projected by the court. “You (court) first allow me (Roy) to come out from jail”.
Accepting Mr. Sibal’s submissions, the Bench allowed Sahara to proceed with its fresh proposal to raise money as it found sufficient seriousness in the same.
