Supreme Court refuses to release Sahara chief on bail or parole

The court also junked a plea to grant parole to Roy and the other two jailed directors for fixed hours every day, saying it does not stand closer scrutiny. “There is, at present, no concrete proposal with Saharas for sale of the properties situate in India or abroad that may call for any negotiation by Roy,” it said.

The bench said that the group may move appropriate applications later as and when they feel certain negotiations would require Roy’s release and the court would pass necessary orders after examining the merit.

The bench however allowed the group to sell, transfer or mortgage its three hotels in abroad to enable them arrange the money, required to earn release from Delhi’s Tihar jail, where they have been incarcerated since March 4 for failing to deposit money with the Sebi towards refund to investors.

“Quicker the compliance with the directions of the Court’s Order for deposit of cash and bank guarantee, the easier would be the way out of jail for them. The anxiety on the part of the Saharas generally and the contemnors in particular to sell the offshore properties is, therefore, understandable,” it noted while granting the permission.

Reacting to the verdict, Sahara’s counsel Rajiv Dhavan said he was “astonished and “deeply pained” since he never expected the new bench to take such a “strict view” on a person who has been in incarceration for months.

“I have not seen justice like this … this is not what I expected,” remarked Dhavan, prompting the bench to respond it has already passed an order in its wisdom irrespective of the fact whether he may like it or not.

In its official release, Sahara thanked the court for removing embargoes on sale of hotels but regretted losing “iconic” hotels in the world adorning the Indian flag.