New Delhi: The Supreme Court will pronounce an order on Friday on the plea of Sahara chief Subrata Roy that he be released to enable him to raise further money towards refund to the depositors. Mr Roy has been languishing in Tihar jail for the last 15 months. A three-judge Bench of Justices T.S. Thakur, Anil R. Dave and A.K. Sikri had reserved the verdict on May 14.
The Supreme Court was initially dealing with an application from Sahara seeking approval of a draft bank guarantee agreement for Rs 5,000 crore, which is part of the Rs 10,000 crore bail bond condition. The other half of Rs 5,000 crore was to be deposited in cash by the Sahara Group.
However during the course of arguments the Bench made it clear to senior counsel Kapil Sibal, Rajeev Dhavan and S. Ganesh that the bank guarantee should remain as a condition precedent and if there was any default in payment of the balance amount towards refund of Rs36,000 crore the bank guarantee, Sebi would encash the same.
