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Sahara has no cash to rescue Subrata.

Sahara chief Subrata Roy may have to remain in jail for at least one more week as his lawyers say they are finding it difficult to immediately mobilise ` 10,000 crore needed to get him and two directors out on bail.

The case also took an altogether new twist with Roy's lawyer Ram Jethmalani dropping a bombshell by asking the bench of justices K. S. Radhakrishnan and J. S. Khehar to recuse ( withdraw from the case) saying it was clear from their approach that they were " biased" and prejudiced". " I have not seen during long years of my practice that court ordered paying Rs 10,000 crore for getting bail... If my client has an apprehension of prejudice then that should be respected. I appeal that lordships should not decide the matter," he said seeking recusal of the bench.

A day after the apex court imposed a condition that Roy will be freed on bail only if he pays ` 10,000 crore out of which ` 5,000 crore has to be in bank guarantee, his lawyers said providing a guarantee of this size with lower margin cash backed by assets will take at least three months.

Sixty- five- year old Roy, who has been in Tihar jail since March 4, submitted on Thursday that the apex court's order for detaining him for not paying Rs 20,000 of investors money with SEBI is illegal and unconstitutional, and sought quashing of the order.

Senior advocates headed by Jethmalani, appearing for Roy and the group, told the bench, which had passed detention order, that its approach " is biased and it should not hear the petition challenging the order". " It is the gravest mistake of law committed by any court in the country. I wish to submit with greatest respect that there is an error of law," Jethmalani said.

" Has any person been sent jail without knowing what crime he has committed and under what provision he has been punished," he said while contending that Roy was sent to jail while the contempt petition against him was still pending.

He said it is unconstitutional to send a man behind bars for not paying the money and also questioned the order putting a condition of paying ` 10,000 crore for getting interim bail. " I appeal to you on behalf of all members of bar on this side to please consider our plea," he said.

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Publication:Mail Today (New Delhi, India)
Date:Mar 28, 2014
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