New Delhi, Mar 13 IBNS | 5 months ago

The Supreme Court (SC) on Thursday rejected Sahara Group chief Subrata Roy's petition to be released from custody.


The SC bench directed the Sahara Group to come up with a fresh refund proposal, unless which, the apex curt said it cannot consider Roy's interim bail plea.

The court has set the next date of hearing on his plea for release on Mar 25.

The Sahara Group on Wednesday moved the Supreme Court against the detention of its chief and two other directors in connection with a refund case.

"They have been put behind bars for contempt, but they were never a party before the Supreme Court," the company said in its petition.

The Supreme Court on Mar 7 rejected Sahara Group's proposal to pay its investors in installments in a time-bound manner.

The Sahara Group had moved the Supreme Court and said it is ready to pay Rs 2500 cr in three working days and the rest of the amount in an-year-and-a-half.

The apex court had asked Securities and Exchange Board of India (SEBI) to give its opinion on the matter.

The SEBI reportedly opposed to the proposal.

The Supreme Court on Mar 4 sent Subrata Roy and two other company directors to judicial custody till Mar 11.

The apex court had asked the Sahara group to come up with a proposal to repay the money which it owes to its investors.

The detention of the fourth respondent, Vandana Bhargava was not ordered as she has been given a concession for being a woman director.

Roy was brought to New Delhi from Lucknow via Agra on Mar 3 night.

(Posted on 13-03-2014)