The Supreme Court on Friday reiterated that Roy’s release is subject to furnishing Rs 5,000 crore in cash and Rs 5,000 crore in bank guarantee, reports the NDTV.
Roy failed to raise the bank guarantee as the
bank backed out at the last moment, Sahara said. The Sahara chief had
already deposited Rs 5,120 crore in cash.
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 installments.
also ruled that if Mr Roy fails to deposit any three installments, he
and two other directors of Sahara, who are also currently in Delhi’s
Tihar jail, will be taken into custody.
The Supreme Court also
said the Sahara chief and two other directors will have to deposit their
passports and cannot travel outside India without the court's
permission. Even while traveling within India, Roy and the Sahara
directors will have to keep the Police informed, the court said.
But all these conditions will come into operation once Roy and the two directors furnish the bank guarantee.