Subrata Roy may have to play Holi inside Tihar jail and remain there until March 25, with the Supreme Court on Thursday turning down his bail plea after the Sahara group failed to come up with a new proposal to refund ₹20,000 crore of investor money.
A Bench of justices KS Radhakrishnan and JS Khehar turned down Sahara’s offer to pay ₹2,500 crore immediately and the rest in instalments.
This offer had been rejected earlier as well.
“We will consider if there is a new proposal,” the Bench observed at the fag end of the two-hour hearing, when senior advocate Ram Jethmalani pleaded for bail so that Roy could be with his family for Holi. “…bail cannot be considered at this juncture, since no written proposal for payment in compliance with the directions issued by this court has been made so far,” the Bench said in its order.
The Bench has posted Roy’s plea against his detention order for March 25 as Jethmalani expressed his inability to argue the case on Friday. The court will not be working next week due to the Holi vacation.