SC defers hearing, Roy to remain in jail now

In a surprise to Sahara group chairman Subrato Roy, the Supreme Court on Monday indefinitely deferred hearing in the Rs  20,000-crore refund case, which was scheduled to come up before it on Tuesday. Sahara chief will have to remain in Delhi’s Tihar jail till the next hearing, as and when it comes up.

On the date of the last hearing on 7 March, the apex court had asked the Sahara group to come out with ‘honourable proposal’ for depositing Rs 20,000 crores of investors’ money and posted the hearing to 11 March. The cause list put on the apex court website on Monday, however, showed that the case, which was listed before a special bench of justices KS Radhakrishnan and JS Khehar ‘stands deleted and the same is adjourned.’

The 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 on Tuesday before an appropriate bench to get the matter listed at the earliest. The special bench had on 4 March sent Roy and two directors Ravi Shankar Dubey and Ashok Roy Choudhary to judicial custody till 11 March 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 installments by the end of July 2015. ‘It is not a proper proposal and the proposal should be honourable,’ the bench had said.
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