New Delhi: There is no relief for Sahara group chief Subrata Roy. The Supreme Court on Thursday rejected the idea of putting Roy under house arrest for the time being.
The apex court has directed the Sahara group to get valuation of three properties which have been mortgaged with the Bank of China.
In the court, Sahara presented a proposal to submit 3,000 crores in 5 working days and another 2,000 crores in 15 working days and furnish a bank guarantee in 60 working days. But for now, Subrata Roy will remain in jail as the SC has reserved its order on giving him bail.
The case relates to Sahara Housing Investment Corporation Ltd (SHICL) and Sahara India Real Estate Corp Ltd (SIRECL) raising more than Rs 24,000 from an estimated 3 crore investors through issuance of certain bonds between 2008 and 2009.
SEBI, however, charged them of having raised these funds illegally and restrained them in November 2010 from mobilising further funds. Subsequently, SEBI ordered refund of money through an order passed in June 2011.
The matter later reached the Supreme Court, which passed an order on August 31, 2012 asking Sahara firms to deposit the money with SEBI for refund of investors' money. It has been almost 90 days that Roy and two other directors, Ravi Shankar Dubey and Ashok Roy Choudhary, were sent to the Tihar jail.
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