New Delhi: Subrata Roy must be a relieved man. After more than a year behind the bars, there’s finally some glimmer of hope for Sahara India chief, as the Supreme Court on Friday accepted the bank guarantee format submitted by the troubled company. The apex court, hasn’t really rolled out the date when Roy will be free from jail.
The Supreme Court directed Sahara to pay Rs 36,000 crore in 9 installments and asked the company chief and other top officials of his company to submit their passports. Failure to pay installments will lead to their arrest, the court said.
Sahara has to pay Rs 5000 crore bank guarantee and 5000 crore of cash deposit and the market regulator SEBI can encash bank guarantees for non-compliance of court orders.
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How it all unfolded
March 4, 2014: Roy jailed after Securities and Exchange Board of India (SEBI) slams case of defrauding investors of Rs24,000 crore ($4 billion).
March 26, 2014: SC orders Sahara to deposit Rs10,000 crore for bail—Rs5,000 crore in cash and the remaining in bank guarantees—to secure his release. Sahara expresses inability to do so.
June 4, 2014: SC unfreezes bank accounts of the company blocked in 2013. Allows it to sell its properties in Jodhpur, Pune, Chauma in Gurgaon and Vasai in Mumbai to raise funds to secure Roy’s release.
Oct. 30, 2014: SEBI moves the supreme court asking Sahara to give a time schedule for the repayment of Rs47,000 crore ($8 billion).
Nov. 23, 2014: The IT raids Sahara offices in New Delhi and Noida and finds Rs135 crore in unaccounted money.
Jan. 9, 2015: The SC allows Sahara to seek loan from abroad to pay the bail amount and permits a deal with US-based Mirach Capital.
Jan. 20, 2015: Sahara confident of raising Rs12,000 crore ($2 billion) from Mirach Capital which would invest $1.1 billion in the group and extend a loan of $882 million to replace the borrowings from Bank of China.
Feb. 5, 2015: Big blow for Sahara as deal with Mirach fails.
Feb. 13, 2015: The Reserve Bank of India (RBI) moves SC against Sahara’s plan to sell Sahara India Financial Corp Limited (SIFCL).
Mar. 17, 2015: More trouble for Sahara as Mirach files a $400 million (Rs2,400 crore) defamation suit for causing “irreparable harm†and for “shaking investor confidence†in the company.
Mar. 23, 2015: SC gives three months to Sahara to sell of its properties and raise the money needed to secure Roy’s bail.