In yet another body blow to embattled Chairman of Sahara India Pariwar Subrata Roy, The Supreme Court has reserved order on conditions relating to Sahara Chief Subrata Roy’s release from jail. In Tihar jail for over a year now since March 4, 2014, the flamboyant Subrata Roy was hoping to walk out of jail as his bail application and other issues were expected to be taken for consideration by the apex court . No date for a decision was given by the court. This means he will stay on in jail
The apex court had on March 23 expressed “prima facie satisfaction” and granted three months time to Sahara Group for selling its offshore properties for raising Rs 10,000 crore to ensure the release of Roy.
The bench said in the eventuality of failing in negotiations, its properties would be put to auction by appointing a ‘court receiver’ for alienating its assets.
More recently, Sahara had informed the Supreme Court that it was ready to comply with the apex court’s order of paying Rs 10,000 crore for Roy’s bail including a bank guarantee of Rs 5000 crore.
Rs 10,000 crore is what Sahara was required to pay initially to get Roy released on bail. Market regulator Securities and Exchange Board of India or Sebi and the Supreme Court have estimated Sahara’s total liabilities due to the illegal bonds at around Rs 36,000 crore. Sahara says it has paid 95 per cent of the dues to the bondholders, but the market regulator disputes that.
His prolonged detention is likely to further cripple his Sahara India Pariwar. It has been dramatic fall for Roy Saharasri as he is called , who in his heydays hosted lavish parties overtly flaunted his connections with politicians cutting across party lines and hobnobbed with Bollywood stars, and did photo-ops with beauty queens with sheer arrogance. Plus he sponsored the Indian cricket team, owned a super flop IPL team Pune Warriors India and in a partnership with UB group liquor baron Vijay Mallya entered into Formula One racing with team Sahara Force India. As he battles to save his Sahara India Pariwar his once A- Lister friends have simply deserted him and letting him face the music and cool his heels behind bars.