LIVE! Sahara chief Subrata Roy stays in jail: SC rejects bail plea

May 06, 2014 10:54

So, Sahara chief Subrata Roy stays in jail. The Supreme Court today delivered its verdict on Sahara chief's bail petition challenging its decision to send him to jail for not complying with its order to deposit around Rs. 20,000 crore of investors' money with market regulator Securities and Exchange Board of India. The SC has asked Subrata Roy to submit a fresh proposal for bail.

The top court had earlier imposed a condition that Roy will be freed on bail only if he pays Rs. 10,000 crore out of which Rs. 5,000 crore has to be in bank guarantee and rest Rs. 5,000 crore in cash.Roy and the other two directors of the Group have been in in jail for two months for not abiding by the apex court's order for depositing Rs. 20,000 crore of investors' money with SEBI.

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