Deposit Rs.10,000 crore for Subrata's release: SC to Sahara

The court yesterday said the money generated after it lifts the freeze order would go to the SEBI.

The court was told that there was Rs.2,600 crore lying in the bank accounts of Sahara and it would pay within four to five days of Roy's release Rs.3,000 crore to the court registry.

The bench also said it would permit the company to sell the assets to genetrate the balance amount to pay Rs.5,000 crore in cash.

By the March 26 order, Sahara was asked to deposit Rs.10,000 crore - of which Rs.5,000 crore should be in cash and the remaining in the form of bank guarantees.

When Sahara told the court it had made a refund of Rs.17,000 crore in cash, the bench asked the group: "What business you (Sahara) have? How did you generate Rs.20,000 crore overnight? You must have deposited the money in a bank or the money was stacked somewhere... Was it somewhere in a locker or in gunny bags stacked in some corner?"

The matter is likely to come up for hearing next week.