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SC orders Sahara’s Subrata Roy to pay Rs 36000 cr

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The Supreme Court on Friday orders Sahara group chief Subrata Roy to make the full payment of dues totaling over Rs 36,000 crore. Roy’s immediate release from jail is subject to furnishing Rs 5,000 crore in cash and Rs 5,000 crore in bank guarantee. In a judgment pronounced in the middle of summer vacation of the Supreme Court, a three judge bench headed by Judge TS Thakur linked the trigger point in bank guarantee for Roy’s bail to payment of total dues. The bench said Sahara has to arrange the payment of the total dues in nine equal instalments in 18 months from the date of his release. Accordingly, Sahara is required to pay Rs 3,000 crore every two months.

While the release will be upon submission of Rs 5,000 crore bank guarantee and an equal amount in cash, the court said the guarantee would be invoked if Sahara defaulted on two instalments, not necessarily consecutive. Sahara lawyers pleaded dues paid should be adjusted to the principal and interest should be calculated on the remaining amount. If three instalments are missed, not necessarily consecutively, Roy will have to surrender, failing which he will face arrest. Roy is required to submit his passport and will not be allowed to leave the country during those 18 months. He is also required to report fortnightly at the Tilak Marg police station of his domestic movements. Sahara said earlier guarantor withdrew and sought 8 more weeks for negotiation.

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