The Supreme Court on Monday rejected Sahara groups plea to release Subrata Roy and other directors without depositing R10,000 crore, but hinted at lifting the embargo on operating its bank accounts and allowing it to sell assets to generate R5,000 crore in cash and another R5,000 crore by way of bank guarantee.
The new bench comprising justices TS Thakur and AK Sikri also refused to place Roy under house arrest in Lucknow till the amount was paid, and asked the group to come up with a precise and specific proposal with valuation reports and letters of intent by next week to raise R10,000 crore for Roy's release.
It observed, this stalemate helps no one, not the depositor. Make a finite proposal, which is logically acceptable. The 65-year-old Sahara boss, who has been in jail since March 4 for failing to refund over R20,000 crore to its 3 crore investors, will continue to remain in Tihar jail for now.