Sahara chief gets 3 more months to raise bail money - Chandigarh Tribune

In a relief to Sahara chief Subrata Roy, the Supreme Court today asked the Tihar Jail authorities to shift him from the prison cell to the conference room for three months to enable him to sell the group's three hotels in London and New York to raise the bail amount of Rs 10,000 crore.

A Bench headed by Justice TS Thakur, however, made it clear that this was the last chance being given to him to mobilise funds. If he failed this time, a court receiver would be appointed to carry out the sale of his properties.

The Bench, which included Justices Anil R Dave and AK Sikri, also clarified that the moment Roy was released on bail it would ask him about his plan to refund the entire amount his companies had collected in the form of fully convertible debentures from more than 30 million small investors. This amount had gone up to over Rs 30,000 crore after taking into account the interest, it said.

At one stage, the Bench asked Roy's senior counsel Kapil Sibal as to why his client was not coming out with a repayment plan right now, instead of waiting till his release on bail. Doing this would be better as the court was apprehensive about his ability to refund, particularly after seeing the great difficulties he was facing to raise just Rs 650 crore against the three hotels. The Bench also granted permission to Roy to sell some of his properties within the country to raise another Rs 650 crore.

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