Sahara chief Subrata Roy to stay in jail
March 7, 2014 - New Delhi
The Sahara chief will have to be Tihar Jail following the Supreme Court said on Friday rejecting as 'an insult' proposal from the firm to repay Rs 20,000 crores of rupees to small investors. The judges told this as honest proposal and posted the matter for Tuesday for next hearing.
The lawyers of the Sahara chief arguing his release said that his presence is required to raise the needed money for the refund to the investors which was turned down. However, Subrata Roy's lawyers and consults must be allowed to meet him every day in jail between 10am to noon.
Supreme Court refuses Sahara proposal
The Court on Friday refused to accept the Sahara Group's proposal to pay the entire amount to the SEBI in cash instalments of Rs.2,500 crore each in three months. The court said that it is not proper and asked to come up with a fresh and honourable proposal.
It may be recalled here that he was arrested on last Friday following a NBW was issued by the Supreme Court for his failure to appear before the Court.