The Supreme Court bench that comprised of justices K. S. Radhakrishnan and J.S. Khehar refused to entertain the plea to release Subrata Roy from jail and posted the matter for hearing on April 16, 2014.
The court also clarified that Subrata Roy and the two other directors, who have been in Delhi’s Tihar jail since March 04, 2014 were not under arrest but are ONLY in judiciary custody.
Sahara Group had sought that Subrata Roy and their two directors, Ravi Shankar Dubey and Ashok Roy Choudhary show be released from the jail, saying it was now looking for international buyers as well to sell its properties abroad in order to raise the money towards refund of investors.
“Which international buyer would want to visit a place like Tihar jail to negotiate a deal with Subrata Roy,” Sahara Group‘s counsel Ram Jethmalani had told the court. He added that the condition of Tihar jail is pathetic because of overcrowding of prisoners and a prospective buyer would never want to visit such a place. The court responded that it would examine the request in due course.
Recently, the Sahara Group had withdrawn its latest proposal from the The Supreme Court, rejected a request by the Sahara Group to release Subrata Roy from jail and keep him in house arrest to facilitate collection of money, to get its chief Subrata Roy released from jail where he was lodged on March 04, 2014 in connection with failure to refund investors’ money.
The new proposal by Sahara Group had agreed to pay Rs 2,500 crore upfront and the same amount within twenty one days of release of Subrata Roy along with the two other directors.
Last week, the Supreme Court had said it had sent him to jail not as a punishment, but to ensure that its order on refunding investors’ money was complied with.