New Delhi: The Supreme Court on Monday rejected Sahara Group chief Subrata Roy's bail plea, refusing to convert his custody into house arrest. The apex court asked Sahara to come out with a concrete proposal to refund the money of crores of investors from whom the company allegedly illegally raised funds.
The company had earlier sought permission to sell Aamby Valley in Pune to generate funds. The court, however, had rejected it.
65-year-old Roy has been in jail since March 4 for non-refund of over Rs 20,000 crore to depositors. He was sent to jail for not complying with the top court's order to deposit the funds with market regulator SEBI.
The bench in a strongly-worded judgement had come down heavily on the Group for "systematically" frustrating and flouting all its orders with impunity.
It had said the Group "adopted a demeanour of defiance constituting a rebellious behaviour, not amenable to the rule of law" and justified its decision to send Roy along with two promoters of two Sahara companies to jail.
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