Supreme Court refuses interim bail to Sahara chief Subrata Roy
The apex court will hear Sahara's case on March 25
New Delhi: Supreme Court on Thursday rejected Sahara chief Subrata Roy's bail plea saying that it can't release him as the company is yet to give proposal to repay investor's money.
The apex court will hear Sahara's case on March 25.
The Sahara Chief had on Wednesday challenged before the Supreme Court his detention order terming it "illegal and unconstitutional" and demanded his release.
On March 4, a two-judge bench had sent Roy and two of company's directors to Tihar jail in connection with a long legal battle between Sebi-Sahara, which started in August 2012. The Securities and Exchange Board of India (Sebi) had asked Sahara to refund over Rs 20,000 crore to investors.
Sahara is best known as the former main sponsor of India's national cricket team, as well as owner of New York's Plaza Hotel and London's Grosvenor House. It has a net worth of $11 billion and more than 36,000 acres of real estate, according to its website. It also co-owns the Sahara Force India Formula One auto racing team with liquor baron Vijay Mallya.
