New Delhi:
Sahara chief Subrata Roy was today granted bail after 22 days in jail, but he has to pay Rs. 10,000 crore to market regulator Sebi, half of it in cash.
The Supreme Court agreed to release him a day after the Sahara group submitted a fresh proposal for returning crores that the unlisted conglomerate owes some three lakh small investors.
Sahara said it would pay Rs. 20,000 crore in instalments - Rs. 2500 crore in three working days, three tranches of Rs. 3500 crore each in June, September, December and Rs. 7,000 crore by March 15 next year.
The new proposal adds up to Rs. 3,000 crore more than what it had proposed to pay earlier.
Sahara lawyers had appealed to the top court repeatedly to release Mr Roy and two other directors on bail, assuring that they "won't run away". The lawyers also said it was an "illegal" order that sent them to jail and they can challenge it on the grounds of violation of fundamental rights.
Mr Roy was sent to jail on March 4 after he failed to convince judges that he is serious about repaying nearly Rs. 20,000 crore for two Sahara bond schemes that were declared illegal in 2012.
Sahara's lawyers had earlier offered to submit Rs. 2,500 crore with the Securities and Exchange Board of India or Sebi; they had said the balance would be paid in instalments every three months.
Sebi had brought contempt proceedings against Mr Roy and Sahara for failure to comply with the 2012 Supreme Court order to repay crores. Sahara has said it repaid most investors and its remaining liability is less than the Rs. 5,000 crore it has deposited with Sebi.