New Delhi: The bail plea of Sahara Chief Subrata Roy had been refused by the Supreme Court of India on Tuesday. Subrata Roy was sent to Tihad jail of Delhi on 4 March. The apex court said, “negotiations for selling properties in India can be done during the day and court will facilitate.”
Sahara chief had sought release for 40 days to finalise the sale deal of three overseas hotels. The Sahara group has been struggling to raise Rs.10,000 crore to secure bail for its chief.
Subrata Roy has been held in jail for over four months for failure of two Sahara group companies to comply with the Supreme Court’s order to return Rs. 24,000 crore to investors. The money was collected through financial instruments that were later ruled illegal.
Sahara’s earlier proposals to pay the money in installments were rejected by the court after apex court had asked Sahara to furnish Rs. 10,000 crore as bail for Roy.
Bureau Report
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