Sahara bank accounts can be defrozen, says Supreme Court

The Supreme Court on Wednesday said that it can lift the freeze on Sahara group's bank accounts, so that the group can pay the Rs 10,000 crore the top court has demanded as bail for the release of its chief Subrata Roy.

Sahara lawyer arguing the case said the group was not being able to pay the bail as the Supreme Court had frozen its bank accounts to which the top court shot back and said, " You could have come to us for lifting the stay on operating bank accounts by mentioning the account numbers, but you didn't come.  Even now you tell us the account numbers we will lift the stay"

The court will resume the hearing on Thursday, as the Sahara chief continues to be held at Delhi's Tihar Jail.

Mr Roy told the court that the trial conditions in the case were "impossible" and offered to be kept under house arrest once again till the bail money is paid. However the court did not respond to the plea and said the hearing will resume on Thursday.

Sahara will inform the Supreme Court of its bank account numbers on Thursday so that they can be defrozen.

In the last hearing on April 9 the Supreme Court had refused to shift Sahara chief Subrata Roy to house arrest. Sahara lawyers had made a plea before the Supreme Court for release of the Sahara chief, saying that the group was looking for global buyers to sell its assets and no international buyer would like to visit the jail to negotiate a deal.

Mr Roy, 65, was arrested on February 28 and has been held in Tihar Jail since March 4 after failing to appear at a contempt hearing in a long-running legal battle between the group and securities regulator Sebi or Securities and Exchange Board of India over refund of crores to nearly thirty lakh investors.

The top court had earlier granted conditional bail to Mr Roy, saying that he has to pay Rs 5,000 crore in cash and another Rs 5000 crore in bank guarantee. But Sahara Group had expressed its inability to pay the amount for Mr Roy's bail.

Sahara is best known as the former main sponsor of India's national cricket team, as well as owner of New York's Plaza Hotel and London's Grosvenor House. It has a net worth of $11 billion or around Rs. 66,000 crore ($1=Rs. 60) and more than 36,000 acres of real estate, according to its website. It also co-owns the Sahara Force India Formula One auto racing team with liquor baron Vijay Mallya.