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SC dismisses Subrata Roy's bail plea

SC dismisses Subrata Roy's bail plea

India Blooms News Service | | 05 Jun 2014, 12:17 am
New Delhi, June 4 (IBNS): The Supreme Court on Wednesday dismissed a bail plea of Sahara group's chief Subrata Roy.

The Supreme Court, however, defreezed the group's bank accounts besides allowing it to sell nine properties in the country.

"Keeping in view the total number of properties held by Sahara Group of companies, transfer of sale and/or mortgage of the nine items of properties situated in nine cities mentioned in the note and extracted above should, in our opinion, suffice to enable the contemnors to comply with the 26 th  March, 2014 directions of this Court. In order, however, to ensure that the sale value is fair and reasonable, we need to make it clear that no item of property shall be sold at a price lesser than the circle value of the properties fixed for the area where such property is located," the judgement of the apex court said.

Reacting to the move, Sahara counsel advocate Sudip Seth said in a statement: "Today we are reassured of justice of the Indian judiciary, wherein over the last 37 years we have always got justice on merit. We confidently know that the Indian judiciary can never go wrong."

"From November 2013 all Group’s bank accounts, Group's every inch of immovable properties and every gram of movable properties were frozen and were under embargo of the Hon'ble Court/SEBI and Sahara was not in a situation to get or raise even Rs.100/-. The question arises as to why Rs.5000 crores cash + Rs.5000 crores Bank Guarantee Bail Order was given without lifting any embargos and also Rs 10,000 crores bail amount has become a world record for bail," he said.

"We are very thankful that today we got clearances of bank accounts and certain select properties. However the fact remains that Sahara has already repaid 93% of the investors mostly in cash, and has submitted all the repayment vouchers, receipts and other documents in original with SEBI, which SEBI has to verify," Seth said.

He said the demand of Rs 20,000 crores plus interest to be paid to SEBI is not for even one single payment due to any esteemed investors.

"Actually Sahara is to pay twice for one liability (double payment for the same liability) to honour the order of Hon'ble Court, and not at all for public. No financial institution can repay twice for one liability," Seth said.

"Actual repayments pending are around Rs 2500 crores only. The truth is that there is not even one complaint against Sahara, while Rs. 5600 crores is lying with SEBI from Sahara. Of course, all money shall ultimately come back to Sahara after verifications," he said.

Roy is currently in Delhi's Tihar Jail since March.

He is in jail for allegedly defrauding investors of over Rs 200 billion.


Image: Wikimedia Commons