The Supreme Court asked the Sahara group to cough up the Rs 10,000 crore that the investors were duped of by the group. The amount to be deposited is not for the bail amount to release the Sahara chief, Subrata Roy, but as an assurance towards the investors in the group.
Sahara Group violated norms and illegally raised Rs 24,000 crore from investors. SEBI has asked Sahara to refund the amount to its investors and also the chief to be present in court during the hearings. Failing to do so, Roy was arrested after evading the law and was imprisoned. The SC will grant the interim bail to the Sahara chief only after Sahara pays up a minimum of Rs 10,000 crore as assurance.
Subrata’s lawyers today stated that the group cannot put up Rs 10,000 crore immediately, but asked for Rs 2,500 crore at present and another Rs 2,500 crore after 21 days of Subrata’s release. The SC has, however, declined the proposal and continued to stand on the Rs 5,000 crore as bank guarantee and Rs 5,000 crore to the SEBI.
