SC rejects Sahara chief's plea for release from custody

NEW DELHI Thu Mar 13, 2014 10:30pm IST

The Sahara group chairman Subrata Roy (C) is escorted by police to a court in Lucknow February 28, 2014. REUTERS/Stringer/Files

The Sahara group chairman Subrata Roy (C) is escorted by police to a court in Lucknow February 28, 2014.

Credit: Reuters/Stringer/Files

Related Topics

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)

FILED UNDER:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

  • Most Popular
  • Most Shared

India Economy

REUTERS SHOWCASE

Reliance Projects

Reliance Projects

Exclusive: Reliance plans $13 billion projects including new refinery.  Full Article 

Chopper Deal

Chopper Deal

India nears $2.5 billion deal for Boeing military helicopters.  Full Article 

Coal Scam

Coal Scam

CBI drops coal scam case against Kumar Mangalam Birla.  Full Article 

Low Stocks

Low Stocks

Indian power station coal stocks lowest since 2012 blackouts.  Full Article 

Markets This Month

Markets This Month

Tata Motors, M&M top Sensex gainers  Full Article 

Google Drones

Google Drones

Google is testing unmanned drones to deliver anything from dog food to medicine.  Video 

#RiceBucketChallenge

#RiceBucketChallenge

In India, rice replaces ice in bucket challenge.  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device.  Full Coverage