Sahara’s total liability is Rs 36,000 crore to be paid to Sebi
Pic for representational purpose
New Delhi: With the party/institution which had promised to furnish Rs 5,000 crore bank guarantee (BG) to Sahara chief Subrata Roy having backed out, there is no possibility of Roy, languishing in jail for the last 15 months, coming out on bail immediately though the Supreme Court on Friday accepted the BG submitted by him.
A three-judge bench comprising Justices T.S. Thakur, Anil R. Dave and A.K. Sikri while accepting the BG format fixed Sahara’s total liability at Rs 36,000 crore to be paid to Sebi in nine installments spread over 18 months.
Soon after the order was passed senior counsel Kapil Sibal informed the Bench that the BG could not be executed immediately as the party who had agreed to furnish this BG had backed out as Sebi insisted on a ‘trigger point’ so that the BG could be encashed if there was any default.
Mr. Sibal pleaded that Roy be at least granted six weeks parole so that he could come out and arrange for the BG. He also requested the court to reduce the BG to Rs 4,000 crore, to which the court said if the cash component was increased to Rs 6,000 the BG could be correspondingly reduced to Rs 4,000 crore.
( Source : deccan chronicle )
Next Story
