The following article is based on my own interpretation of the said events. Any material borrowed from published and unpublished sources has been appropriately referenced. I will bear the sole responsibility for anything that is found to have been copied or misappropriated or misrepresented in the following post.
Anup Agrawal, MBA 2014-16, Vinod Gupta School of Management, IIT Kharagpur
On 15th March 2015 , The Times of India published the news that “Sahara has been asked to pay Rs 10,000 crore to secure Subrata Roy’s bail.” This is again a serious blow to the company which is currently facing a huge financial problem and also has lost its ground since the company was found to be cheating with the people of India by offering them manipulative schemes. Currently Sahara has been asked to pay Rs forty thousand crore as a part of compensation to the people who have been cheated by the company and also ten thousand as a security deposit to secure the release of the Sahara chief Subrata Roy and two of its executive director who have been in Tihar jail for a year now.
Subrata Roy was jailed one year back after he repeatedly defied Supreme Court’s order to attend the courts hearing against Sahara group and since then he has found it difficult to secure his release from the jail. The supreme court has asked the Sahara group to deposit Rs ten thousand crore as a security to allow release of Subrata Roy but then the Sahara group of companies has not able to deposit the same.
The company is facing a huge challenge in terms of financial liability and has also tried to sell off two of its luxury hotel for an undisclosed amount to raise funds for the release of Subrata Roy which it has failed to do as of now.
The main question that comes to my mind is If Sahara is not able to deposit ten thousand crore ruppes in a one year span , how is it supposed to pay forty thousand crore to the people who have been duped by Sahara?