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The beleaguered Sahara group is reportedly seeking contribution from employees to raise about Rs 5,000 crore for securing the release of group head Subrata Roy from Delhi’s Tihar jail.
The contribution would be in lieu of shares in the Saharayn E-Multipurpose Society, which would be allotted to the contributor working in any company of the group.
The Supreme Court had earlier allowed conditional interim bail to Roy, if the company deposited Rs 10,000 crore, including Rs 5,000 in a bank guarantee.
According to a PTI report, the contribution “appeal” was made through a one-page letter signed by directors of the Society and “associates” of the group, asking each employee of the Sahara India Pariwar and their well-wishers to contribute Rs 1 lakh, Rs 2 lakh, Rs 3 lakh or even more, according to their wish and capacity.
However, a Sahara official on anonymity said it was a routine circular by the company, asking employees to voluntarily choose from several investment schemes of group companies as the financial year rounds off.
“There is no compulsion or restriction for the contribution and it is up to the interested employee, whether one chooses to invest,” he added.
Roy has been incarcerated in Tihar jail since March 4 over the alleged non-payment of money to investors, after a long-drawn court case with market regulator Sebi.
On Thursday, Sahara lawyers had informed the court the company was finding it difficult to immediately mobilise such a large amount to get Roy and two directors out on bail.
The lawyers also argued that the apex court’s order for detaining Roy for not paying Rs 20,000 crore of investors money with Sebi was illegal and unconstitutional and sought quashing of this order.
Appearing for Roy and the group, advocates told a Bench of K S Radhakrishnan and J S Khehar, which had passed the detention order, that its approach was “biased” and it should not hear the petition challenging the order.
A Sahara lawyer said an embargo had been imposed on the sale of assets, while bank accounts of the entire group had already been frozen by Sebi.
