Supreme Court today rejected interim bail for Sahara chief Subrata Roy
Sahara chief Subrata Roy will stay in jail, the Supreme Court today ruled, asking the company to come up with a proposal to refund crores to its investors.
"We will consider your plea for bail only if you come up with some proposal on payment of money. The key is in your hands," the court said, rejecting Mr Roy's argument that his detention was "illegal and draconian."
When Sahara offered to pay RS 2500 crore right away, the court said it had already turned down this proposal. A battery of senior lawyers, including Ram Jethmalani, Ravi Shankar Prasad and R Dhawan failed to win relief for the Sahara chief, who will now have to wait for the next hearing on March 25.
Mr Roy and two Sahara directors have been in Delhi's Tihar jail since March 4.
His lawyers said that the Supreme Court "had made substantive mistakes in its order" sending Mr Roy to judicial custody that day. They argued that he had not been found guilty of any wrongdoing.
The 65-year-old Sahara chief 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 court had last week rejected Sahara's proposal to repay thousands of crores to small investors as "dishonest."
Mr Roy's lawyers argued for his release, saying he is needed to participate in negotiations to raise the money needed for the refund.