Firstly Deposit Rs 750 crore then talk for Bail: SC to Unitech MD

The Supreme Court Monday asked jailed Unitech Ltd Managing Director Sanjay Chandra to deposit Rs 750 crore with its Registry to be eligible for bail. “Having heard counsel for the parties at length, it is directed that the petitioners shall be admitted to bail subject to the condition that they shall deposit a sum of Rs 750 crore in the registry of this court, which shall be kept in an interest earning fixed deposit… The deposit shall be made by the end of December 2017,” a bench of Chief Justice Dipak Misra, Justice A M Khanwilkar and Justice D Y Chandrachud ordered.

The court allowed Chandra’s counsel to mention the bail plea once the money was deposited. The bench also directed jail authorities to facilitate Chandra’s meeting with his company officials and lawyers, so that he could arrange money to refund buyers and complete projects.

As far as visits to the jail are concerned, the court said: “The jail authorities shall facilitate meetings of the petitioners with their officers/officials/employees at such intervals as may be intimated by the petitioners.”

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