File photo of Sahara chief Subrata Roy
Subrata Roy, the chief of the Sahara conglomerate, will have to remain in Delhi's Tihar jail for some more time as the Supreme Court, which was to hear Sahara's Rs 20,000 crore refund case tomorrow, has adjourned it without fixing the next day.
The case list on the Supreme Court's website, showed that the case, which was listed before a special bench of justices KS Radhakrishnan and JS Khehar, "stands deleted and the same is adjourned".
The reason for the adjournment has not been given. The Sahara group may mention the issue tomorrow before an appropriate bench to get the matter listed at the earliest.
Mr Roy, 65, was arrested on February 28 after he failed to convince judges that he is serious about repaying nearly 20,000 crores for two Sahara bond schemes that were declared illegal in 2012.
The Supreme Court had on Friday rejected Sahara's proposal to repay thousands of crores to small investors as "dishonest."
"Don't make us assemble if you don't have a better offer. This is a dishonest proposal," the judges had said.
Mr Roy's lawyers, arguing for his release, had said he is needed to participate in negotiations to raise the money needed for the refund. "You have been in jail for two days...for one and a half years, you were out," "the judges retorted.
Sahara's lawyers had offered to deposit 2,500 crores within three days with the Securities and Exchange Board of India (SEBI); they said the balance would be paid in instalments every three months.
Sahara had last week proposed that SEBI begin selling its properties until it comes up with the bank guarantee. SEBI has argued that it does not have the needed paperwork for some of those properties and says Sahara has greatly exaggerated their worth.
SEBI had brought contempt proceedings against Mr Roy and Sahara for failure to comply with the 2012 Supreme Court order to repay crores. Sahara has said it repaid most investors and that its remaining liability is less than the 5,000 crores it has deposited with SEBI.