22 July-2014, NDTV: The Supreme Court on Tuesday refused to grant bail to Sahara Group chief Subrata Roy, who has been held in Delhi’s Tihar Jail since March 4. The top court however said it will facilitate negotiations for Sahara to sell properties in India and abroad.
The court allowed Mr Roy to negotiate his business deals from a guest house in Delhi between 10 a.m. and 4 p.m. on the days he needs to, provided he comes up with a concrete proposal.
Mr Roy had sought release for 40 days to finalise the sale deal of three overseas hotels. The Sahara group has been struggling to raise Rs.10,000 crore to secure bail for its chief.
Mr Roy has been held in jail for over four months for failure of two Sahara group companies to comply with the Supreme Court’s order to return Rs 24,000 crore to investors. The money was collected through financial instruments that were later ruled illegal.
The Supreme Court had earlier asked Sahara to furnish Rs 10,000 crore as bail for its chief. Sahara’s earlier proposals to pay the money in instalments were rejected by the court.