Advertisement

HindustanTimes Sat,22 Nov 2014

Sahara case: SC defers hearing, Roy to remain in jail

HT Correspondent, Hindustan Times  New Delhi, March 10, 2014
First Published: 21:08 IST(10/3/2014) | Last Updated: 21:36 IST(10/3/2014)

Sahara chief Subrata Roy is likely to remain in Tihar jail for some more time as the special bench of the Supreme Court that had sent him to judicial custody would not hold a hearing on Tuesday.
 
The special bench of justice KS Radhakrishnan and justice JS Kehar had on March 4 sent Roy to custody until the company came up with a concrete proposal to refund about Rs. 20,000 crore to its investors.

Read: Sahara chief homesick, wants to meet family
 
The court had directed Roy and two directors of the company shall be produced on March 11.
 
But, the cause list issued on late Monday evening on the Supreme Court website stated the Sahara-SEBI matter scheduled for a hearing "stands deleted as the same is adjourned."
 
The case was included for a hearing in the list that was issued on March 8 by the SC registry.
 
Sahara's lawyer is likely to mention the matter on Tuesday morning before the bench of justice KS Radhakrishnan.
 
Roy, 65, had surrendered before the Lucknow police on February 28 after the SC issued non-bailable arrest warrants against him.
 
On March 7, the SC rejected Sahara's proposal to repay the money to small investors in three-monthly installments, calling it an insult.

"Don't make us assemble if you don't have a better offer. This is a dishonest proposal," the judges had said.
 
Sahara's lawyers had offered to deposit Rs. 2,500 crore within three days of the court vacating its order restraining the company to operate its bank accounts. Rest, it said, would be paid in installments extending up to July 2015.

Read more:
SEBI opposes Sahara offer, SC Supreme Court examines Sahara Group proposal
From ‘picnic’ to police custody, change of scenery for Subrata Roy


Advertisement
more from India

Saradha scam: Trinamool MP Srinjoy Bose held

The CBI arrested Trinamool Congress Rajya Sabha MP Srinjoy Bose Friday in connection with the Saradha case, spelling more embarrassment to the ruling party in Bengal that is reeling under the shock waves of the multi-crore chit fund scam.
Advertisement
Most Popular
Advertisement
Advertisement
Copyright © 2014 HT Media Limited. All Rights Reserved