New Delhi:Â Sahara chief Subrata Roy has been taken into judicial custody and will remain in Tihar jail till the next hearing on March 11. Two other directors of the company will also be taken into judicial custody.
The court has asked Sahara to spell out a “concrete policy” on how it will refund almost three million small investors in two financial products that were ruled illegal. The company’s offer to sell property to raise funds – an offer Roy made again seeking reprieve of “three-four months” – has been rejected by the Supreme Court.
Subrata Roy will have to come up with a time-bound proposal to repay Rs 19,000 crore. With the apex court already having confiscated large parts of Sahara land bank, new assets will also have to be offloaded. Sahara’s off shore investments in London and New York could also come under the hammer.
Earlier, on arrival at the Supreme Court, escorted by a heavy contingent of police, Roy faced an ink attack. The attacker, Manoj Sharma, claims to be a lawyer from Gwalior, believed to be the same man who attacked Suresh Kalmadi with a slipper at a Delhi court in 2011. He managed to get close to Roy in the chaos and splattered him with black ink, shouting “He robs the poor!” immediately after the incident, he was apprehended. Â Â
The Supreme Court accepted the Sahara chairman’s unconditional apology for not appearing in court last week in a case linked to his alleged failure to return money to over three crore small investors.
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