March 4, 2014 9:02 PM

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SC sends Subrata Roy to jail up to March 11; asks for concrete proposal to return investors' money

The Supreme Court today ordered Sahara Chief Subrata Roy to remain in custody for a week in Delhi. a bench of justices K S Radhakrishnan and J S Khehar said apart from Roy, the bench also ordered that the Group's other two Directors Ravi Shankar Dubey and Ashok Roy Choudhary be taken into custody.

The order to arrest Roy was issued after his failure to appear before the apex court in the contempt case arising out of non-refund of 20 thousand crore rupees to investors by two of his companies.

The court said that it is not happy with the proposal submitted by Sahara regarding refund of the investors' money. The court said, it wants concrete proposal from the Sahara. While seeking more time, Roy said the Group will sell its properties to refund the amount to the investors.

The bench told the Sahara Chief that the payment can not be made in cash as it is contrary to law. The court said the refund money to the investors have to made through demand draft or cheque.

During the hearing, Roy apologised before the bench for not complying with its order and assured that its order would be followed by him and sought more time for refunding money to investors.

The court had issued non-bailable warrant against Roy after he failed to appear before it on February 26.The court said it will hear his plea on 11th of this month.

Earlier, a protester threw ink on Sahara Group chairman Subrata Roy as he reached the Supreme Court today.

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