BackSC rejects Sahara’s plea to keep Subrata Roy under house arrest
The apex court will now hear the case on 16 April
Premium
The Supreme Court on Wednesday turned down the Sahara group’s plea to keep its chief Subrata Roy under house arrest instead of Tihar Jail, where he has been in judicial custody since 4 March, the Press Trust of India reported.
The apex court was hearing a writ petition filed by Sahara challenging his detention.
A Supreme Court bench comprising justices K.S. Radhakrishnan and J.S. Khehar said, “You (Roy) are in our custody. We have not sent you in civil imprisonment".
On Wednesday, Sahara counsel Ram Jethmalani requested the apex court to keep Roy under house arrest to help the group raise funds by selling its properties to global buyers to repay investors who are owed money by two Sahara group companies.
“No international buyer would like to visit the jail to negotiate a deal," said Jethmalani in the Supreme Court.
The Supreme Court will now hear the case on 16 April.
The court has asked Roy to pay ₹ 5,000 crore in cash and offer a ₹ 5,000 crore bank guarantee for release on bail
On 7 April, Sahara withdrew a proposal to the apex court under which it sought to pay ₹ 2,500 crore immediately and ₹ 2,500 crore in cash in three weeks for bail for Roy and two other group directors.
According to the Securities and Exchange Board of India (Sebi), the Sahara group owes around ₹ 24,000 crore to investors who bought bonds sold by Sahara India Real Estate Corp. Ltd and Sahara Housing Investment Corp. Ltd in a scheme the Sebi ruled was illegal.
Sahara has filed a defamation case in a Patna court against Mint’s editor and some reporters over the newspaper’s coverage of the company’s dispute with Sebi. Mint is contesting the case.
Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!
