You Are In Jail by Choice: Supreme Court Pulls Up Sahara Chief

The Supreme Court on Monday pulled up Sahara group chief Subrata Roy for delaying the sale of properties to refund investors' money.

"What troubles us is you had said you have properties worth Rs 1,85,000 crore and you have to pay just one fifth for refund. A person blessed with money sacrificing his liberty in jail and not willing to sell properties. You are in jail by choice," the Supreme Court said as Sahara opposed the court's proposal to appoint a receiver to sell the group's properties.

Courts appoint receivers to take custody, manage and preserve money or property that is subject to litigation.

Mr Roy has been in jail since March last year for being unable to pay Rs 10,000 crore as ordered by the court. The Sahara chief has already deposited Rs 5,120 crore in cash but has been able to raise the rest of the amount. Sahara's chief lawyer Kapil Sibal told Supreme Court that "sitting in jail his client can't pay and no one will come forward to buy."

The Supreme Court had earlier said that Sahara owes as much as Rs 36,000 crore to bond investors, which it has to deposit within 18 months and in 9 instalments. The top court also ruled that if its chief Mr Roy fails to deposit any three instalments, he and two other directors of Sahara, who are also currently in Delhi's Tihar jail, will be taken into custody.

Sahara's lawyer requested the court to extend the high-tech jail facility granted to Mr Roy for negotiation of sale of properties. The Supreme Court will take up the case on September 14.

Meanwhile, Gorakhpur Real Estate Developers raised its offer by Rs 2 crore to Rs 152 crore for a 44-acre Sahara property. The top court permitted the company to buy the land.