New Delhi, March 10: The chances of Sahara group chief Subrata Roy obtaining any reprieve were broken and he can still be in Tihar jail for a few longer as hearing of the contempt plea against him and 3 directors of his cluster companies Tuesday has been adjourned.
As directed earlier, the matter was listed for hearing Tuesday however it was shown as deleted and adjourned within the supplementary list issued Mon.
The supplementary list browse that the “Item No. 301 shown before this bench at 2.00 P.M. within the daily list for 11.3.2014 issued on 08.03.2014 stands deleted as same is adjourned.”
Roy was sent to Tihar jail by the apex court on March four once he didn’t create a suitable supply to court for securing investors balance of Rs.19,000 crore that its 2 corporations – Sahara India real estate Corporation restricted and Sahara Housing Investment Corporation restricted – had collected from investors through Optionally totally 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 provide him before it on March four once he didn’t seem before it Feb 26.
The apex court has March 7 had discarded a proposal by SIRECL and SHICL to pay the complete amount of Rs.17,400 crores to SEBI in cash in six instalments at regular intervals of 3 months as a security for the redemption of OFCD’s saying it was not acceptable.
“You should bring a proposal that is appropriate and honourable. this is a dishonourable proposal,” it said.
Deriding the desert group, the court had said: “You create us assemble and say you cannot pay it. it’s a giant insult to create us assemble. you must have created a more robust proposal. you cannot create a Supreme Court bench assemble for a person who isn’t willing to pay.”
The apex court by its Aug 31, 2012, order had asked the Sahara companies to come investors Rs. 24,000 crore inside 3 months. now was extended by the court till Feb 2013. Sahara had in Dec deposited Rs.5,120 crore with the market regulator.
