SC rejects Sahara chief's plea for release from custody
NEW DELHI (Reuters) - The Supreme Court on Thursday rejected a petition by the head of the unlisted Sahara conglomerate to be released from custody and said the matter would next be heard on March 25.
Sahara Chairman Subrata Roy, 65, was arrested on February 28 after failing to appear at a contempt hearing in the long-running legal battle between the unlisted group and the Indian securities regulator over repayment of billions of dollars to investors in outlawed bonds.
Roy has been held in a Delhi jail since March 4. He has not been charged with a crime and was not present in court on Thursday.
Last week, the court rejected a Sahara proposal to give bank guarantees of 225 billion rupees within three to six months, as well as a subsequent proposal to pay a total of 174 billion rupees in six instalments through July 2015.
The court has asked Sahara to come up with a "concrete and acceptable" plan to refund investors.
Also read: Investors fear for their deposits after Sahara chief's arrest | Click here
(Reporting by Suchitra Mohanty; Editing by Tony Munroe and Anupama Dwivedi)
- Tweet this
- Share this
- Digg this
- Govt considers ban on e-cigarettes, sale of single smokes
- India's fiscal deficit in H1 almost 83 pct of full-year target
- Islamic State fighters kill 220 Iraqis from tribe that opposed them
- Sensex surges 500 points on BOJ easing, L&T gains
- Europe won't recognise vote in eastern Ukraine, Merkel tells Putin
Shares Hit Record
The BSE Sensex and Nifty surged to record highs for a second consecutive session on Friday after Bank of Japan's surprise expansion of its massive stimulus programme raised hopes for additional foreign inflows, boosting blue-chips such as Larsen & Toubro. Full Article
China's shadow banking sector growing rapidly, third largest in world - FSB. Full Article