Sahara Chief Subrata Roy was today ordered to remain in custody for a week in Delhi by the Supreme Court which was unhappy over the proposal his group on the refund of investors’ money as it has not come up with any concrete proposal.
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 letting the woman Director, Vandana Bhargava free.
Roy, who was wearing his trade mark waist coat and black tie with Sahara logo, was produced before the apex court amidst chaotic scenes when a man claiming to be an investor threw ink on the face of the Sahara Chief.
“We are not happy with the proposal. No concrete proposal has come up so far. We are not accepting this proposal. There is no bank guarantee. All of them except Vandana Bhargava will be in custody in Delhi,” a Bench of Justices KS Radhakrishnan and JS Khehar said.
The Bench clarified that it was not an order on contempt.
Sahara Chief’s two sons, Sushanto Roy and Seemanto Roy were also present in the court during the hearing.
When a last-ditch effort was made by Roy pleading against custody, the Bench said, “We want concrete proposal. You give us today or tomorrow”. The court said it will hear his plea on March 11.
At the outset, 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.
“I have faith in you. Punish me if I don’t comply with your order,” Roy submitted to the Bench. While seeking more time, Roy said the Group will sell its properties to refund the amount to the investors.
The Bench told Roy, “You can’t make payment in cash as it is contrary to law. You have to make payment through demand draft or cheque.” The Bench also rapped the Sahara Group for not abiding by its order and taking contradictory stand on payment of investors’ money.