Subrata Roy to stay in jail, SC rejects plea

Sahara had challenged the detention of Roy by the apex court

The Supreme Court on Tuesday rejected the writ petition filed by Sahara against the detention of its chief Subrata Roy. Roy, therefore, will continue to remain in jail.

 

Sahara lawyers had argued that SC's order detaining Roy for not depositing around Rs 20,000 crore of investors' money with Sebi was 'illegal and unconstitutional'.

 

The court also rejected Sahara's latest proposal to pay, in instalments, the Rs 10,000 crore bail amount it had set for Roy's release.

The court has asked Sahara to make a new proposal.

 

Roy has been in jail since March 4 after failing to appear at a contempt hearing in a long-running legal battle between his group and the Securities and Exchange Board of India.