Subrata Roy
The Sahara group chairman Subrata Roy with his face smeared in ink thrown by an unidentified man arrives at the Supreme Court in New Delhi March 4, 2014. Roy, the head of India's Sahara conglomerate will remain in custody until further orders from India's Supreme Court, three lawyers involved in the in the matter said on Tuesday, after a hearing in a case over the refund of money to investors in an outlawed bond scheme. Roy was arrested on Friday after failing to appear at a Supreme Court hearing related to a multi-billion-dollar Sahara investment scheme that was later ruled to be illegal.Reuters

After being jailed for more than a year, Sahara group founder Subrata Roy could walk out next week, as the conglomerate is ready to pay the required bail amount. 

The Group is ready to pay the full amount of ₹10,000 crore as directed by the Supreme Court for his release, Reuters quoted a lawyer for the company as saying.

"All the formalities for the bail bond would be completed before Thursday," the counsel said.

The top court will hear the case on 14 May.

Roy, a high-profile business leader, has been behind bars following Sahara's failure to comply with a court order to return the money to investors it had raised through an illegal bond programme.

The Lucknow-based financial services group, which has a presence in media, real estate, hospitality and entertainment, had failed to arrange the bail amount in its previous attempts.

Sahara had tried to raise the money using its three overseas luxury hotels –  Dream Downtown and The Plaza in New York, and Grosvenor House in London.

In March this year, the Supreme Court gave another three months to Sahara to raise the amount to grant bail to Roy. However, the apex court had warned it would be compelled to order auctioning of Sahara's assets if the group failed to arrange for the bail amount.

The Supreme Court bench comprising justices TS Thakur, Anil R Dave and AK Sikri said it would look into the total liability of the conglomerate at the hearing, Hindustan Times reported.

While the market regulator Securities and Exchange Board of India (Sebi) estimates Sahara's total liabilities at ₹ 24,000 crore, the Group has disputed it, saying that it had already repaid its dues to 95 percent of the to investors.

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