TNN, New Delhi :
The Supreme Court on Tuesday said that it was totally unhappy with Sahara chief Subrata Roy’s proposal to refund money to investors.
The apex court sent him to Tihar Jail where he will remain in judicial custody “till he comes up with a concrete proposal”. Along with him, two other directors of the company Ashok Roy Choudhary and
Ravishankar Dubey have also being sent to jail. Roy’s lawyers told the court Roy would give a concrete proposal by Wednesday and requested the matter to be listed at 2pm. This means Roy and the directors will be kept in civil custody in Delhi till Wednesday.
The court set the date of next hearing on March 11.
Earlier, Sahara chief Subrata Roy on Tuesday assured the Supreme Court that its order will be followed by him and sought more time for refunding money to investors.
Subrata Roy said that Sahara will sell its assets to pay up the Rs 22,500 crore it owes investors. The sale of properties can start from Wednesday onwards.
Personally arguing his case, Subrata Roy said that while the sale of of assets is on, the company will try to give bank guarantee for rest of the amount which is due to investors.
Subrata Roy added that he wanted one more chance to honour the court order and said that if he failed in this last endeavour, he would come back to stand before the court and accept punishment.
The Supreme Court on Tuesday said that it was totally unhappy with Sahara chief Subrata Roy’s proposal to refund money to investors.
The apex court sent him to Tihar Jail where he will remain in judicial custody “till he comes up with a concrete proposal”. Along with him, two other directors of the company Ashok Roy Choudhary and
Ravishankar Dubey have also being sent to jail. Roy’s lawyers told the court Roy would give a concrete proposal by Wednesday and requested the matter to be listed at 2pm. This means Roy and the directors will be kept in civil custody in Delhi till Wednesday.
The court set the date of next hearing on March 11.
Earlier, Sahara chief Subrata Roy on Tuesday assured the Supreme Court that its order will be followed by him and sought more time for refunding money to investors.
Subrata Roy said that Sahara will sell its assets to pay up the Rs 22,500 crore it owes investors. The sale of properties can start from Wednesday onwards.
Personally arguing his case, Subrata Roy said that while the sale of of assets is on, the company will try to give bank guarantee for rest of the amount which is due to investors.
Subrata Roy added that he wanted one more chance to honour the court order and said that if he failed in this last endeavour, he would come back to stand before the court and accept punishment.
