New Delhi, March 10: The chances of Sahara Group chief Subrata Roy getting any reprieve were dashed and he will continue to be in Tihar jail for some more time as hearing of the contempt plea against him and three directors of his group companies Tuesday has been adjourned.
As directed earlier, the matter was listed for hearing Tuesday but it was shown as deleted and adjourned in the supplementary list issued Monday. The supplementary list read that the “Item No. 301 shown before this bench at 2.00 P.M. in the daily list for 11.3.2014 issued on 08.03.2014 stands deleted as same is adjourned.” (Read: What led to the arrest of Sahara Chief Subrata Roy?)
Roy was sent to Tihar jail by the apex court on March 4 after he failed to make an acceptable offer to court for securing investors balance of Rs.19,000 crore that its two companies – Sahara India Real Estate Corporation Limited and Sahara Housing Investment Corporation Limited – had collected from investors through Optionally Fully Convertible Debentures (OFCD) in 2008.
A bench of Justice K.S.Radhakrishnan and Justice J.S.Khehar had issued a non-bailable warrants against Roy and had directed police to produce him before it on March 4 after he failed to appear before it Feb 26.
The apex court has March 7 had junked a proposal by SIRECL and SHICL to pay the entire amount of Rs.17,400 crores to SEBI in cash in six instalments at regular intervals of three months as a security for the redemption of OFCD’s saying it was not acceptable.
“You should bring a proposal which is acceptable and honourable. This is a dishonourable proposal,” it said.
Deriding the Sahara Group, the court had said: “You make us assemble and say you can’t pay it. It is a big insult to make us assemble. You should have made a better proposal. You can’t make a Supreme Court bench assemble for a person who is not willing to pay.”
The apex court by its Aug 31, 2012, order had asked the Sahara companies to return investors Rs. 24,000 crore within three months. This time was extended by the court till February 2013. Sahara had in December deposited Rs.5,120 crore with the market regulator.