SC to hear Sahara plea on Wednesday

The apex court said that it cannot appreciate a proposal being made across the bar from Sahara group

The Supreme Court on Tuesday adjourned hearing on Sahara Group chief Subrata Roy’s bail plea.

During the hearing on Tuesday, the Sahara group offered to pay market regulator Securities and Exchange Board of India (SEBI) Rs20,000 crore within next 12 months. This is the money, two Sahara group companies collected from investors through optionally fully convertible debentures (OFCD).

In a fresh proposal to the bench of Justices KS Radhakrishnan and JS Kehar, the Sahara group said they will deposit with SEBI Rs2,500 crore within three working days of the acceptance of its proposal and three instalments of Rs3,500 each on 30th June, 30th September and 31 December 2014. The balance Rs7,000 crore would be deposited 31 March  2015, the group said.

The Sahara group said its proposal to deposit Rs20,000 crore to the market regulator in five instalments would be backed by an irrevocable bank guarantee.

The court will consider the proposal on Wednesday as it declined to entertain the same today, saying that it cannot appreciate a proposal being made across the bar. The court said the same should have been submitted to the registry Wednesday evening so that they could have gone through it.

Roy will remain in judicial custody as the hearing on Roy’s bail plea will now resume on Wednesday.

The court had 4th March sent Sahara chief Roy and his two directors to Tihar jail for failing to deposit the said amount to the market regulator.