File Photo of The Supreme Court of India
New Delhi:
The Supreme Court is likely to deliver its verdict on Sahara Chief Subrata Roy's petition on Tuesday, challenging its decision to send him to jail for not complying with its order to deposit around Rs. 20,000 crore of investors' money with the Securities and Exchange Board of India (SEBI).
A bench of justices K S Radhakrishnan and J S Khehar, which had reserved its order on April 21, is likely to pronounce the judgement.
It may also consider Sahara's proposal for paying Rs 10,000 crore for getting bail for its chief and two directors who have been in Tihar jail in judicial custody since March 4.
The court had earlier imposed a condition that Mr Roy will be freed on bail only if he pays Rs 10,000 crore, out of which Rs 5,000 crore has to be in bank guarantee and rest Rs 5,000 crore in cash.
Mr Roy and the other two directors of the group have been in in jail for two months for not abiding by the court's order for depositing Rs 20,000 crore of investors' money with SEBI.
In the meantime, Sahara on Monday placed details of property owned by it before the court.
The Sahara group submitted that Mr Roy be released forthwith to facilitate negotiations with people for the purpose of raising money to comply with the court's order. It also pleaded that its bank accounts that were frozen by the court on November 21 last year be allowed to operate.
Mr Roy, 65, had earlier submitted that the court's order for detaining him for not paying over Rs 20,000 of investors' money with SEBI was illegal and unconstitutional and sought quashing of the order.
A bench of justices K S Radhakrishnan and J S Khehar, which had reserved its order on April 21, is likely to pronounce the judgement.
It may also consider Sahara's proposal for paying Rs 10,000 crore for getting bail for its chief and two directors who have been in Tihar jail in judicial custody since March 4.
The court had earlier imposed a condition that Mr Roy will be freed on bail only if he pays Rs 10,000 crore, out of which Rs 5,000 crore has to be in bank guarantee and rest Rs 5,000 crore in cash.
Mr Roy and the other two directors of the group have been in in jail for two months for not abiding by the court's order for depositing Rs 20,000 crore of investors' money with SEBI.
In the meantime, Sahara on Monday placed details of property owned by it before the court.
The Sahara group submitted that Mr Roy be released forthwith to facilitate negotiations with people for the purpose of raising money to comply with the court's order. It also pleaded that its bank accounts that were frozen by the court on November 21 last year be allowed to operate.
Mr Roy, 65, had earlier submitted that the court's order for detaining him for not paying over Rs 20,000 of investors' money with SEBI was illegal and unconstitutional and sought quashing of the order.
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