SC calls Sahara proposal an ‘insult’, Subrata Roy to stay in jail till March 11

In its new proposal, Sahara has agreed to pay the investors money in a month's time and further in some instalments.

New Delhi | Updated: March 7, 2014 11:22 pm
Sahara Group chief Subrata Roy was on March 4 sent into judicial custody. (AP) Sahara Group chief Subrata Roy was on March 4 sent into judicial custody. (AP)

Sahara’s bid to get its chief Subrata Roy released from jail fell flat on Friday after the Supreme Court rejected its plea, lashing out at the group for “insulting” the court while not being willing to pay back investors’ money.

A bench of Justices K S Radhakrishnan and J S Khehar described Sahara’s proposal on refunding investors as “dishonourable”, and refused to order Roy’s release. It posted the matter for Tuesday — and Roy will remain in judicial custody until then. He was sent to the jail on March 4.

Sahara came up with a proposal to pay Rs 2,500 crore within three days, and the remaining amount in five instalments, the last of which was to come in July 2015.

Senior advocate C A Sundaram pleaded with the court to release Roy, claiming it would be impossible to borrow money without him. “One person who can find money is not in a position to do so. Let him come out and he will look for money. Let this Rs 2,500 crore that we are paying up front help him come out,” the lawyer said.

The bench shot down the plea as “not acceptable”, especially in view of the fact that Roy had been jailed only two days ago, and had been free to arrange the money over the last year and a half when the court was asking him to.  “We will tell you how this looks to us. You make us sit in a special bench and then you give a proposal which is not acceptable at all. It is a big insult for us to make us assemble in a special bench when you don’t have a proper offer to make. You cannot make judges of the Supreme Court assemble for a man who is not willing to pay,” the court said.

It added: “It is a dishonourable proposal. Come to us only if you have a honourable proposal… a more attractive and acceptable proposal.”

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  1. C
    Chandan Bhowmick
    Mar 7, 2014 at 3:19 pm
    BY keeping SUBRATA ROY ONE CAN NOT RECOVER MONEY ,IT IS BETTER TO RELEASE HIM ON BAIL SO THAT HE CAN ARRANGE MONEY TO PAY DUE TO INVESTORS.iT SEEMS SEBI IS THE INVESTOR .NO REAL; INVESTOR IS CRYING AS HAPPENS IN CASE OF SARADA GROUP.IT WOULD HAVE BETTER TO ENGAGE REPUTED CHARTERED ACCOUNT COMPANY TO LLOK AFTER THE EXECT AMOUNT DUE BY NOT RELYING ON SEBI SOLELY
    Reply
    1. G
      Ganesh
      Mar 8, 2014 at 6:30 am
      I don't know why but it seems like supreme court has already set his opinion about Subrata Roy. Highly disappointing.
      Reply
      1. K
        Kuldeep
        Mar 8, 2014 at 6:12 am
        I vehemently support Sahara.The supreme court is being biased against Mr Subrata Roy
        Reply
        1. M
          Malini
          Mar 8, 2014 at 12:35 pm
          There are various abnormalities we can see in the way the Law of our country is tweaked. The Sahara Sebi issue is one such example. Some corporate houses get away without paying ries to thousand employees and another corporate is worried about each employee ociated with them.
          Reply
          1. C
            CA Sanjit Kumar
            Mar 8, 2014 at 11:34 am
            Interesting to see a CA and a politician as lawyer of Sahara. No one is asking what is the source of fund. Sahara is indulged in the anti National activity causing damage to the National economy,threat to National Integrity apart from risk to the investors. They have made huge investments in various country. It is serious case of money laundering. Even today huge deposit is mobilized by Sahara through illegal banking activity through their cooperative societies,violating RBI act and Cooperative societies act. There is connivance of officers of state government. They have switched over their investors to sahara Q Shop and other schemes, how investors will come forward for making complain.
            Reply
            1. S
              Sathish Acharya
              Mar 8, 2014 at 6:34 am
              Why court is being lenient towards SEBI???SEBI failed to refund Rs. 5160 Crore amount so far. How SEBI will refund 20,000 Crore? If this entire amount will not get refunded then where it will be used by them/ Govt., it should be disclosed.
              Reply
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