New Delhi, March 4 – The Supreme Court today said that Sahara chief Subrata Roy and two other directors will remain in custody till the company comes up with a proposal to pay the money it owes to investors.
The court sent Roy to judicial custody till the next hearing on March 11 while two other Sahara directors, except Vandana Bhargava, were also sent to police custody.
The court observed, “We are not happy with the proposal of Sahara on refund of money. They have not come up with concrete proposal, bank guarantee.”
The apex court also said, “You can’t make payment in cash as it is contrary to law. You have to make payment through demand draft or cheque.”
Roy had tendered an unconditional apology to the Supreme Court for failing to appear before it in on February 26.
The court accepted the apology but also said this: “We respected you, but you failed to respect us.”
Roy’s lawyer Ram Jethmalani told the court that Sahara will pay its dues within two months.
The Sahara chief had on February 27 too approached the apex court tendering an “unconditional apology” for his non-appearance in the contempt case and had sought recall of the non-bailable warrant. The plea was declined by the court.
Roy was arrested after his failure to appear before the apex court in the contempt case arising out of non-refund of Rs.20,000 crore to investors by two of his companies.
Roy had sought exemption from personal appearance on the ground of ill-health of his 92-year-old mother.
-India Today
