The Supreme Court has rejected the plea by Sahara Chief Subrata Roy challenging its March 04, 2014 order sending him to judicial custody for not complying the order to return investors money as per an August 31, 2012 top court order.

Subrata Roy along with two of his directors, Ravi Shankar Dubey and Ashok Roy Choudhary are till in Tihar jail and will continue to remain in custody as the court has asked his counsel to make a revised proposal to return investors’ money to secure his release.

It was argued by Subrata Roy that the March 04, 2014 order was a complete nullity and it was the duty of this court to terminate this unlawful detention and release the petitioner forthwith. He wanted the order to be recalled.

Rejecting the arguments, the Bench said the March 04, 2014 order was only to ensure compliance of the direction to repay Rs. 20,000 crore to the depositors and it was not passed on the contempt petition, which was still pending adjudication. The Supreme Court bench stated that after going through the judgment, Subrata Roy could make a revised proposal for returning the investors money as a condition to secure his release.

In view of the dismissal of the petition, Subrata Roy and two other directors would continue to remain in prison. The Bench asked Subrata Roy to submit a fresh proposal towards cash deposit of Rs 5,000 crore and bank guarantee for another Rs 5,000 crore to facilitate his release.

The top court bench, comprising Justices K.S. Radhakrishnan and J.S. Khehar, had made it very clear that Sahara Group could pay Rs 10,000 crore any time to prove its bona fides for his release.

The rest can be arranged later after his release, the apex court has said. But Sahara Group has so far maintained that it does not have Rs 10,000 crore in cash and only offered to pay Rs 3000 crore by way of upfront cash and secure the balance by a bank guarantee of sorts till it sells off its properties and pays off the entire amount.