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Supreme Court rejects Subrata Roy’s plea

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New Delhi, May 6:

The Supreme Court Tuesday rejected the plea by Sahara chief Subrata Roy challenging its March 4 order sending him to judicial custody for not complying the order to return investors money by routing it through SEBI.

Roy and two directors were sent to judicial custody for the failure of group’s two companies’ SIRECL and SHICL to comply with its order to return investors’ Rs.24,000 crore that they had collected through Optionally Fully Convertible Debentures (OFCDs).supreme court 1

Roy will continue to remain in custody as the court has asked his counsel to make a revised proposal to return investors’ money to secure his release.

Dismissing Roy’s plea, the apex court bench of Justice K.S. Radhakrishnan and Justice K.S. Khehar said that there is “no merit and same is dismissed”.

The court said that after going through the judgment, Roy could make a revised proposal for returning the investors money as a condition to secure his release.

The court said this as senior counsel Rajiv Dhawan drew the attention of the court to Roy’ earlier proposal to deposit Rs.10,000 crore.

Of the Rs.24,000 crore, Sahara India Real estate Corporation Limited and Sahara Housing Investment Corporation Limited have already deposited Rs.5,120 crore in December 2012 with SEBI.

(IANS)

3 COMMENTS

  1. Roy is in jail without any criminal charge, or criminal conviction, or
    even without having been proved guilty of contempt of court. Once he had appeared before the court in compliance of warrant of arrest issued by the court there was no reason to keep him behind bars

  2. I agree with Mitali that there was no reason to keep Mr. Roy behind bars, In fact the longer he is in the jail, investors will have to wait that much to get their money
    back

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