Sahara case: SC defers hearing, Roy to remain in jail
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.india Updated: Mar 10, 2014 21:36 IST
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.
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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.