Subrata Roy Withdraws His Bail Proposal

Sahara Chief Subrata Roy, who is in judicial custody March 04, 2014 has withdrawn the proposal he had submitted on April 03, 2014 for modifying his bail conditions.

Sahara Group had last week expressed its inability to pay Rs 5,000 crore upfront for Subrata Roy’s bail and instead proposed to pay the amount in installments.

Subrata Roy’s lawyer C.A. Sundaram had expressed its inability to raise the cash and made a fresh proposal to pay the amount in tranches. He offered to pay Rs 2,500 crore upfront and another Rs 2,500 crore within twenty one days of Subrata Roy‘s release and secure the balance Rs 5,000 crore by way of a bank guarantee. The bench maintained it would consider the offer only after a formal plea was made.

The apex court had on March 26, 2104 agreed to release Subrata Roy from custody, but only after the group deposited Rs 10,000 crore in cash and bank guarantees.

Now Subrata Roy’s lawyers have written to Supreme Court, withdrawing the fresh proposal seeking relaxing bail conditions. This was the third proposal submitted by Sahara Group in a month after Subrata Roy’s arrest.

Since Supreme Court is due to hear Subrata Roy’s petition against his detention, sources said that the group would wait for the outcome of the hearing that is due to happen today, April 09, 2014 before moving a fresh bail application.

Subrata Roy had earlier submitted that the apex court’s order for detaining him was illegal and unconstitutional and sought quashing of the order.

The top court bench, which had passed the August 31, 2012, order directing Sahara Group to pay the market regulator a sum of about Rs 24,000 crore with interest, is now hearing his plea. The amount along with interest now amounts to Rs 37,000 crore.

Sahara Group, however, said it has already paid ninety three per cent of the dues in cash and only needs to pay about Rs 5,206 crore to the market regulator.

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