The Sahara Group on Friday deposited Rs 200 crore as per Supreme Court orders and requested it to indefinitely extend the bail granted to Subrata Royand director Ashok Roy Choudhary. It also sought bail for incarcerated director R S Dubey.
“In compliance of the May 11 order, the applicants are depositing Rs 200 crore, despite Sebi‘s non-cooperation, which establishes their bona fide. In addition, efforts are being made to further arrange approximately Rs 300 crore in respect of which directions are being sought from the court,” it said.
Sahara said since last the 31 months, the apex court order freezing bank accounts and restraining the group from disposing of its assets has “crippled and completely paralysed” their business and if the embargo was not lifted, it would have “fatal impact on the group companies”.
It said the group had provided Sebi with over Rs 14,000 crore, including interest earning on FDs. “Also, Sebi is holding original documents of landed property worth Rs 20,000 crore,” it said. The SC had in an order recorded that Sahara’s liability had increased to Rs 36,000 crore.