The head of Sahara Conglomerate, Subrata Roy will remain in custody until further orders from the Supreme Court, three lawyers involved in the matter said on Tuesday, March 04, 2014 after a hearing in a case over the refund of money to investors in an outlawed bond scheme.
Security officials escort Sahara Group Chairman, Subrata Roy on his arrival at the Supreme Court in New Delhi on March 4, 2014.
If this was not enough, Manoj Sharma, a lawyer from Gwalior, Madhya Pradesh, threw black ink on Sahara Chairman Subrata Roy, while some aggrieved investors were heard shouting Subrata Roy is a thief, he has usurped people’s hard-earned money, the moment he arrived at the Supreme Court in New Delhi.
Subrata Roy was arrested on Friday, February 28, 2014, after failing to appear at a Supreme Court hearing related to a multi-billion-dollar Sahara investment scheme that was later ruled to be illegal.
The Supreme Court has asked Sahara to come up with a concrete plan to refund investors, said the lawyers, who declined to be named ahead of the official court order. The court did not immediately say when it would next hear the case, they said.
The reason Subrata Roy gave for skipping the hearing was that he was meeting doctors over the condition of his ninety two year old mother, as well as a lawyer.
The Securities and Exchange Board of India (SEBI) says Sahara failed to comply with a 2012 court order to repay billions of dollars to investors. Sahara says it repaid most investors and that its remaining liability was less than the Rs 5,120 crore rupees it deposited with SEBI.
The Supreme Court, which has expressed frustration at Sahara‘s conduct, had ordered Sahara to disclose the details and source of funds from which it said it repaid investors, but a lawyer for the regulator told the court in late January 2104 that Sahara had not given the details.
Sahara had offered to give SEBI title deeds of properties it said were worth Rs 200 billion as security, but the regulator said the properties were far over-valued. The court also ordered that Sahara not sell any of its property.