NEW DELHI, July 22: The Supreme Court today denied bail to Sahara chief Subrata Roy, who is in jail since March 4 for not being able to deposit Rs 10,000 cr with SEBI for his release on bail.
A bench headed by Justice T S Thakur in their order noted ‘Roy cannot be granted bail for collecting money unless and until he comes out with concrete proposal.’
The apex court also turned down his request for his release for 40 days to arrange funds by disposing of the properties of the group in foreign countries.
The apex court also noted that Sahara Group chief can be allowed to meet the proposed buyers of his properties for six hours in police custody.
The top court had granted him bail with a rider that he will deposit Rs 10,000 crore with SEBI (Rs 5,000 crore in cash and a bank guarantee of remaining Rs 5,000 crore). Sahara group expressed its inability to arrange Rs 10,000 crore.
Roy is facing allegation of defrauding lakhs of investors, who, have invested their hard earned money in two real estate companies of the group.
He was directed to pay back Rs 21,000 cr which belongs to the investors with interest.
On the last of hearing, he begged the Supreme Court to show mercy on him but the court was not impressed. (UNI)
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