No Bail For Subrata Roy, Sahara Asked to Pay Rs 36,000 Crore

Sharemasterindia.com: Jailed Sahara chief Subrata Roy failed to get bail from Supreme Court with the top court on Friday reiterating that his release is subject to furnishing Rs 5,000 crore in cash and Rs 5,000 crore in bank guarantee. The Sahara chief failed to raise the bank guarantee.
 
Mr Roy was arrested in March last year after the company failed to comply with a court order to refund money it had raised from millions of small investors by selling them bonds later ruled to be illegal.
  The Supreme Court also said Sahara owes as much as Rs 36,000 crore to bond investors, which it has to deposit within 18 months and in 9 instalments. The court ruled that if Mr Roy fails to deposit the amount within 18 months, he and two other directors of Sahara will be taken into custody.

The Supreme Court also said that the Sahara chief and two others directors will have to deposit their passports and cannot travel outside India without the court's permission. Even while travelling within India, Mr Roy and the Sahara directors have to keep the Police informed, the court said.

Meanwhile, the court extended the hi-tech jail facility provided to the Sahara chief for asset-sale negotiations by 8 weeks.