Subrata Roy to remain in jail as SC adjourns hearing on bail plea

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The Supreme Court on Tuesday adjourned hearing on Sahara Group chief Subrata Roy’s bail plea.

Roy will remain in judicial custody as the hearing on Roy’s bail plea will now resume on Wednesday.

During the hearing on Tuesday, Sahara group came out with a new proposal for refunding Rs. 20,000 crore of investors money before the Supreme Court.

The company has proposed to pay Rs. 20,000 crore of the investors’ money within one year instead of 18months. The apex court will consider the company’s new plan to OFCD investors on Wednesday.

Sahara Group has assured the SC that it will pay Rs. 2,500 crore within 3-4 working days and will pay three installments of Rs. 3,500 cr each at the end of June, Sept and Dec, rest of the money by Mar 31, 2015.

Subrata Roy in his petition had submitted that detaining him was “purely illegal, contrary to the procedure prescribed by law and against the principles of natural justice”.

Roy was sent to jail on March 4 by the top court in connection with contempt proceedings over two group companies’ failure to pay Rs. 20,000 crore by way of dues to market regulator Sebi.