Supreme Court rejects Subrata Roy’s bail plea

 

Subrata Roy will continue to remain in police custody, says the apex court. Photo: Abhijit Bhatlekar/Mint 

 New Delhi: The Supreme Court on Tuesday rejected Sahara group chief Subrata Roy’s bail plea on grounds that the company did not give genuine documents in the debenture case.

 

The court also asked Sahara to submit a fresh proposal to refund investors who bought bonds sold by Sahara India Real Estate Corp. Ltd and Sahara Housing Investment Corp. Ltd.

According to Securities and Exchange Board of India (Sebi), the Sahara group owes around Rs.24,000 crore to these investors. 

 

Roy will continue to remain in police custody, says the court. He was detained on 28 February and has been in custody since then. Various efforts by the company to seek his release have been turned down by the apex court.

 

Sahara has filed a defamation case in a Patna court against Mint’s editor and some reporters over the newspaper’s coverage of the company’s dispute with Sebi. Mint is contesting the case. 

VIKASH CHANDRA MISHRA

PGDM 1ST YEAR

SOURCE: MINT