By K. Ashwin Mob: 00919920183006 E-mail: email@example.com
The bail granted is subject to precondition of payment of Rs.10,000 crores. The Bank Guarantee of this size with lower margin cash backed by assets takes 3 months.
So if we go for Bank Guarantee now, it will mean putting 100% cash margin. Therefore the order implies that Rs.10,000 crores cash is wanted to secure release from jail, if the release is desired before 3 months.
The founder Chairman is in custody for since last 22 days, and an embargo has been imposed on sale of asset and bank accounts of entire Sahara Group are already frozen by SEBI.
Further, the title deeds of assets having value over Rs.20,000 crores are lying with SEBI only. If case by case Hon’ble Court allows to sell assets, it will be a distress sale which would not fetch more than 20-25% of the real value of the asset. Moreover, money from the sale of bigger assets will only come in long term installments in view of Indian financial strength.
The precondition to the bail of such a large amount appears unusual and is not a surety for securing the presence but a mode of recovery.
Under these circumstances any human being can understand the impossibility of fulfilling even 10% of the Hon’ble Court’s conditions and requirements.
Sahara has huge apprehension that monies paid to SEBI will remain with SEBI for very long time as they have not shown any intention to verify accounts till yet. In fact in last 18 months they have not started any process of verification of investors, so that they can be identified and money can be refunded to them by SEBI.
We are the custodian of our investor’s money since last 37 years, providing quality services to our depositors and customers without any complaint or any charges against us till today.
As custodian one has to follow certain basic golden rules very strictly in the interest of investors and by following these strict rules and principals we have been able to gain unprecedented confidence amongst our investors.
Sahara is highly apprehensive about the interest of its esteemed investors and its employees/workers and other stake holders.
During the hearing Mr. R K Dhawan, the counsel of Sahara said, “Moments are very rare when we have to tell the court that you are terribly wrong. This is a very very extraordinary situation.”
Further Shri Ram Jethmalani, senior council from Sahara said, “It is unusual to ask a person to pay Rs. 10,000 crore for bail. No process has been followed in sending Subrata Roy to custody.
Sahara counsels ask the bench to recues itself from hearing the matter for the reason of their being biased and prejudiced. Keeping Subrata Roy in custody is a biased move.