The Supreme Court on Friday refused to grant immediate bail to Sahara chief Subrata Roy and linked his release to the full payment of dues totalling over Rs 36,000 crores.
According to reports, the apex court stated that Roy's release is subject to the furnishing of Rs 5,000 crore in cash and RS 5,000 crore in bank guarantee, with Sahara to arrange the payment of the dues in nine equal instalments over a period of 18 months from the date of his release.
The court further warned that the guarantee would be invoked if Sahara defaulted on two instalments, even if they were not consecutive, adding that a third default would result in Roy being rearrested.
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