Sahara group case: Supreme Court defers hearing, Subrata Roy to remain in Tihar jail

Written by PTI | New Delhi | Updated: Mar 11 2014, 02:57am hrs
Subrata RoySahara group chief Subrata Roy, who was arrested on Friday, being escorted by police to a court. (Reuters)
Sahara group chief Subrata Roy will have to remain in Tihar jail for some more time with the Supreme Court deferring hearing of the Rs 20,000 crore refund case that was slated for tomorrow.

On the last date of hearing on March 7, the apex court had asked the Sahara group to come out with "honourable proposal" for depositing Rs 20,000 crore of investors money and posted the hearing on March 11.

The cause list put on the apex court website today, however, showed that the case, which was listed before a special bench of justices K S Radhakrishnan and J S Khehar "stands deleted and the same is adjourned".

Reason for the adjournment has not been known and even the Sahara group's lawyer expressed surprise over it. The Sahara group may mention the issue tomorrow before an appropriate bench to get the matter listed at the earliest.

The special bench had on March four sent Roy and two Directors Ravi Shankar Dubey and Ashok Roy Choudhary to judicial custody till March 11 while expressing unhappiness over the proposal of his group on the refund of investors' money.

It had rejected Sahara's proposal which had offered to pay Rs 2,500 crore within three days and the rest of the amount in five instalments by the end of July, 2015.

"It is not a proper proposal and the proposal should be honourable," the bench had said.

Quote: Sahara Housing Fina Corporation Ltd

Quote: Sahara One Media and Entertainment Ltd