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Subrata Roy to spend weekend in jail, SC rejects Sahara's 'insulting' repayment plan
March 07, 2014
So it's the weekend in jail for Subrata Roy. The Supreme Court on Friday rejected Sahara Group's proposal to return
debenture money to the investors stating that the proposal is an insult
to it. The company had proposed to deposit Rs 2,500 crore within
three days and rest of the amount in instalments after every three
months over one-and-half years.
SC permitted Sahara laywers to meet Subrata Roy in jail.
Sahara Group had also pleaded today that Roy and other
two directors be released from custody to raise the amount. The apex
court will hear Roy's bail plea on Tuesday.
Agreeing to assemble
the special bench today to hear Sahara's plea, the Supreme court, had
said that the first instalment "looks attractive". However SEBI oppossed
Sahara's proposal, saying the group intends to pay Rs 17,000 cr but the
total due amount is Rs 37,000 cr.
The apex court had on March 04 asked the Sahara group to come up with a proposal to repay the money it owes to its investors.
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