Sahara chief Subrata Roy will remain in jail as the Supreme Court today reserved its judgement on the group's new proposal for his release.
The top court set no date for the next hearing.
According to Sahara's new proposal, it will deposit Rs 3,000 crore by April 25, if Mr Roy is released and another Rs 2,000 crore by May 30. Sahara also said that it will give bank guarantees worth Rs 5,000 crore before June 20.
The Supreme Court had earlier granted conditional bail to Mr Roy, saying that he has to pay Rs 5,000 crore in cash and another Rs 5,000 crore in bank guarantee. But Sahara Group had expressed its inability to pay the amount for Mr Roy's bail and sought modifications of the bail conditions.
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.
Mr Roy's lawyers had filed a petition challenging his detention. In the petition they said that the Supreme Court's March 4 order for detaining Mr Roy for not paying Rs 20,000 crore of investors' money with Sebi was "illegal and unconstitutional" and sought quashing of the order.
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