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With its jet-setting boss in jail, the Sahara conglomerate is scrambling for a way to satisfy a court order to repay thousands of crores in an outlawed bond scheme. The Supreme Court on Tuesday ordered Subrata Roy, 65, remain in custody until a Tuesday hearing, a dramatic turn for a man accustomed to hobnobbing with sports stars, Bollywood actors and politicians. The court said it was open to an earlier hearing if Sahara had a satisfactory payment plan. Roy is being held in a cell at Tihar jail, India's largest, with two other Sahara directors. "We are now considering what we can do," Satish Kishanchandani, the lawyer representing Sahara said, declining to give details. "It was urgent even before and it is urgent even today to find a solution." Jail spokesman Sunil Gupta said Roy was receiving the same treatment as other inmates, the only privilege being a bed, as he is over 60 years. "He slept well. He had his breakfast today," Gupta said.
In court on Tuesday, Sahara lawyers offered to give bank guarantees for Rs 22,500 crore in three to six months but the court rejected the proposal and asked Sahara for a "concrete" plan, according to two lawyers at the hearing.
Sahara also proposed the Securities and Exchange Board of India (Sebi) begin selling the group's properties to which it holds title, until it comes up with the guarantee. Sebi has said it does not have the needed paperwork for some Sahara properties and disputed the valuation of some of these. Sebi did not comment on Wednesday but a source there said it would consider seizing some of Sahara's foreign assets.
Notice to Roy smearer
The court on Wednesday took cognisance of its own accord of an incident in which a lawyer threw ink at the Sahara chief in its premises and issued a contempt notice to him.
