Roy's detention to ensure compliance with order: Supreme Court
The Supreme Court Wednesday said that Sahara Group chief Subrata Roy has been sent to custody for ensuring compliance with its order to return investors money that two group companies SIRECL and SHICL had collected through optionally fully convertible debentures (OFCD).
Making a distinction between the ongoing custody of Roy and punishment for contempt that is being heard by the court, the apex court bench of Justice K.S. Radhakrishnan and Justice Jagdish Singh Khehar said, "Our order of March 4 is for the enforcement (of Aug 31, 2012 and subsequent orders) and not punishment (for contempt). Each para is for the enforcement..."
"We will deal with the punishment after the order (to return investors money) has been complied with," said Justice Khehar.
"Therefore, when suggestion is made (that its order is) Rs.10,000 crore bail bond. It is a part payment towards principal amount. This is to establish your bonafide to be released."
(Posted on 03-04-2014)