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)