Sahara submits fresh proposal for Subrata Roy's release

Sahara group chief Subrata Roy will continue to stay in jail, even as the group presented a fresh proposal to the Supreme Court for modification of his bail conditions.

Sahara group on Thursday made a proposal to pay Rs 2500 crore within three working days and another Rs 2,500 crore along with Rs 5,000 crore in bank guarantees within 60 days.

However, the court said it would consider the proposal on Monday, adding, "if you want to improve the proposal do it."
The top court had earlier granted conditional bail to Mr Roy, saying that he has to pay Rs 5,000 crore in cash and another Rs 5000 crore in bank guarantee. But Sahara Group had expressed its inability to pay the amount for Mr Roy's bail and sought modifications of the bail conditions.

Mr Roy, 65, was arrested on February 28 and has been held in Tihar Jail since March 4 after failing to appear at a contempt hearing in a long-running legal battle between the group and securities regulator Sebi or Securities and Exchange Board of India over refund of crores to nearly thirty lakh investors.

Sahara is best known as the former main sponsor of India's national cricket team, as well as owner of New York's Plaza Hotel and London's Grosvenor House. It has a net worth of $11 billion or around Rs. 66,000 crore ($1=Rs. 60) and more than 36,000 acres of real estate, according to its website. It also co-owns the Sahara Force India Formula One auto racing team with liquor baron Vijay Mallya.