Supreme Court Orders Sahara Chief to Remain in Jail
May 6, 2014 6:34 PM EST
The Supreme Court on Tuesday rejected an appeal to release Sahara conglomerate Chairman Subrata Roy, who has been in jail for two months over his group's alleged failure to refund investors in an outlawed bonds scheme.
Sahara Chief Subrato Roy was attacked by black ink on Tuesday as he arrived at the Supreme Court.
The 65-year-old chairman was detained on Feb. 28 after failing to appear at a contempt hearing, and has been in a Delhi jail since March 4. Roy, who has denied any wrongdoing, has yet to be formally charged.
The court had asked the group to make an interim payment of 100 billion rupees ($1.7 billion) to secure Roy's release on bail. Last month, Sahara proposed to the court paying the money in installments, saying the amount was too large to be paid in one go.
On Tuesday, the court rejected the proposal, and asked Sahara to come up with another repayment schedule.
Sahara officials were not immediately available to comment after the ruling was pronounced. Keshav Mohan, one of the lawyers representing the group, said the company may consider making a new proposal, but declined to specify a date.
The regulator accuses Sahara of raising billions of dollars from small investors through an outlawed financial scheme and failing to comply with a court order to refund the money.
Sahara argues it has repaid most investors and that its total liability is less than the 51.2 billion rupees it had deposited with the regulator after the bonds were outlawed.
The unlisted conglomerate is best known as the lead sponsor of the Indian cricket team and more recently as a buyer of overseas luxury hotels.
Based in Lucknow, the capital of Uttar Pradesh, Roy calls himself managing worker and chairman of Sahara, and "chief guardian" of the world's biggest family, with nearly a million staff and agents. The conglomerate's full name is Sahara India Pariwar, which means family.
Most Popular Slideshows
- 2014 MLB World Series Game 1: San Francisco Giants 7, Kansas City Royals 1 [PHOTOS]
- 2014 MLB World Series - Game 2: Kansas City Royals 7, San Francisco Giants 2 [PHOTOS]
- NFL Thursday Recap - Denver Broncos 35, San Diego Chargers 21: Peyton Manning Has 3 TDs In Easy Win [PHOTOS]
- 2014 MLB World Series Game 3: Kansas City Royals 3, San Francisco Giants 2 [PHOTOS]
Join the Conversation
- Six English Words Which Originated From Arabic
- ISIS Educates Young Children in 'School of Jihad,' Deploys Them in Active Combat After Graduation [VIDEO]
- Robots May Be Used to Fight Ebola in West Africa; Australian PM Admits US, UK Asked For Medical Teams
- Decades-Long Mystery of Oklahoma Lake Solved, Missing Six Bodies Identified
- Belgium Chocolate Maker ISIS Forced To Change Brand Name To Escape Customer Fury
- Xiaomi Redmi 1S vs. Sharp Aquos Crystal – Specifications, Features And Price Showdown
- Verizon Motorola Droid Turbo Leaked Live Images Surfaces, Scheduled To Get Unveiled On Oct 28
- Update HTC One M7 with LG G2 with Android 4.4.2 as Sprint OTA: Fixes and Installation
- U.S. Targets Buyers of ISIS Oil, Threatens Sanctions
- ISIS Syria Airstrike Bombing Has Killed 550 People, Civilians Included
- Russia Blocking OSCE Monitoring Of Its Border With Ukraine
- Russia Slams US 'Double Standards' In The Fight Against ISIS