| Log in

Supreme Court extends Sahara chief Subrata Roy’s judicial custody

07 March, 2014

Sahara Group’s chief Subrata Roy will remain in judicial custody as Supreme Court has rejected the group’s proposal to repay Rs 2,500 crore in three days and rest of the amount in instalments every three months.

The court directed the group to submit a fresh plan by next Tuesday or March 11 to refund the entire $3.9 billion it owes to depositors.

On March 4, the apex court had sent the head of the Sahara conglomerate to Tihar Jail as the group failed to comply with its orders to repay people who invested in the group’s two real estate firms, which was later ruled to be beyond norms by the securities market regulator Securities and Exchange Board of India (SEBI).

Roy was arrested last Friday after he did not appear at a Supreme Court hearing – which he says he missed to attend to his ailing mother – in his long-running battle with SEBI. SEBI had filed a contempt petition saying that Roy had repeatedly defied orders of the apex court.

(Edited by Joby Puthuparampil Johnson)


Leave Your Comment
Supreme Court grants conditional bail to Subrata Roy

Supreme Court grants conditional bail to Subrata Roy

TEAM VCC 4 years ago
Supreme Court (SC) on Wednesday granted a conditional bail to Sahara group chief...
Supreme Court sends Sahara chief Subrata Roy to Tihar Jail

Supreme Court sends Sahara chief Subrata Roy to Tihar Jail

Reuters 4 years ago
The Supreme Court on Tuesday directed that the head of the Sahara conglomerate,...
Supreme Court offers to unfreeze Sahara bank accounts for Subrata Roy bail

Supreme Court offers to unfreeze Sahara bank accounts for Subrata Roy bail

Bhawna Gupta 4 years ago
The Supreme Court said on Wednesday that it can allow Sahara group to access its...
No Comments

Supreme Court extends Sahara chief Subrata Roy’s judicial custody

Powered by WordPress.com VIP