Sahara Deposits Rs 3,117 Crore, SC To Hear Subrata’s Bail Plea On Thursday

Sahara has deposited Rs 3,117 crore with market regulator the Securities and Exchange Board of India (Sebi) and promised to pay the remaining Rs 1,883 crore soon. The Supreme Court will now hear Sahara group chief Subrata Roy’s interim bail plea on Thursday and decide whether he will be allowed to come out of Tihar jail.

The court had earlier refused to relax the conditions — depositing Rs 5,000 crore in cash and Rs 5,000 crore through bank guarantee with Sebi — for his interim bail.

In an affidavit filed on Monday, Sahara said, “the company has deposited Rs 3,117.53 crore of which Rs 2,705.70 crore are from encashment/sale/transfer of FDs, bonds and securities while the balance Rs 411.82 crore were from sale proceeds of land at Ahmedabad."

"Now less than Rs 2,000 crore remain to be deposited by the Saharas in compliance with the March 26 order. This shall be done as early as possible," the group said.

The group may deposit Rs 1,883 crore with Sebi by going ahead with the sale of the nine properties it had listed before the court. Of the nine, it has already sold one - the Ahmedabad land for Rs 412 crore.

Sahara chief Roy is in Tihar jail since March 4 after the court found that two companies of the group had failed to comply with its order to pay back Rs 26,000 crore to investors.