Subrata Roy's custody extended, Supreme Court says, 'pay through cheque, not cash'

Written by Agencies | New Delhi | Updated: Mar 5 2014, 15:16pm hrs
Subrata Roy SaharaSahara chief Subrata Roy at the Supreme Court after a man threw black ink on his face. (Express photo: Ravi Kanojia)
Sahara Group chief Subrata Roy will remain in custody until further orders from the Supreme Court, three lawyers involved in the in the matter said on Tuesday, after a hearing in a case over the refund of money to investors in an outlawed bond scheme.

The court will hear Subrata Roy on March 11.

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"We want concrete proposal... You give us today or tomorrow," the apex court said on plea not to order custody of Subrata Roy.

"We are not happy with the proposal of Sahara on refund of money. They have not come up with concrete proposal, bank guarantee," said the apex court.

The Supreme Court also told Subrata Roy that he can't make payment in cash as it is contrary to law. The payment has to be through demand draft or cheque, says the apex court..

The court directed two other male directors of the company to be taken into custody while giving relief to the woman director Vandana Bhargava.

Subrata Roy was arrested on Friday 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 will next hear the case, they said.

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