The Sahara counsel on Thursday told the Supreme Court that the bail amount of Rs 10,000 crore is too high and is virtually impossible for them to pay.
The apex court on Wednesday had granted conditional bail to Subrata Roy Sahara, after an upfront payment of Rs 5,000 crore in cash and Rs 5000 crore worth of bank guarantees to capital markets regulator Sebi.
Corporate lawyer HP Ranina feels that Roy will have to remain in jail unless he pays the amount. He thinks the company at best can persuade the apex court to reduce the amount when the matter comes up for hearing on April 3, but if the SC doesn't relent then, Sahara will be left with no choice but to pay the amount.
Hitesh Jain, Senior Partner, ALMT Legal feels that Sahara may try to again go, two or three times, to the Supreme Court and say that they genuinely do not have that much money to cough up, however, SC will take the final call. "So, basically it is like who will blink first – SC or Sahara. If you look from all the perspective, unless Sahara deposits the amount Subrata Roy will have to spend some time inside (jail)," he said.
On the matter, if SC constitutes a larger bench to hear the case, Jain said: "Even if the larger bench hears the matter, it will take some time. Roy may not immediately get out."
Reacting on the Sahara counsels statement, KTS Tulsi, Senior Advocate, Supreme Court said though he believes that money should not be a condition for bail, but when "it appears to the court that the party is playing tricks then the court has no choice but to ensure that the money of the investors which was diverted fraudulently, can be repaid, it will not grant that concerned person the concession of bail".
"If he (Subrata Roy) misled the court yesterday, and today he adopted a different stance… the court is going to be very harsh on him," Tulsi said.
MP and Senior Advocate Majeed Memon thinks that even if a person has all the brightest lawyers on his side but the facts are not then law won't be on his side.
"Justice has to be firm, justice has to strictly follow the principles which serves the interest of that case. In this particular case, in the wisdom of Supreme Court they have thought that it is only denial of his liberty that would bring forth the money which is desired by the Supreme Court," he said.
Memon said the difference between what is being offered by Sahara Group and what is called upon by the SC may diminish gradually.
"They would rise and they would come down, somehow they must come to some stage whereby we would be reaching a place where the interest of justice will be taken care of," he added.
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