Subrata Roy to remain in custody: SC

Subrata Roy to remain in custody: SC

Subrata Roy to remain in custody: SC

Sahara Chief Subrata Roy was today ordered to remain in custody for a week in Delhi by the Supreme Court which was unhappy over the proposal his group on the refund of investors' money as it has not come up with any concrete proposal.

Apart from Roy, the bench also ordered that the Group's other two Directors Ravi Shankar Dubey and Ashok Roy Choudhary be taken into custody letting the woman Director, Vandana Bhargava free.

Roy, who was wearing his trade mark waist coat and black tie with Sahara logo, was produced before the apex court amidst chaotic scenes when a man claiming himself to be an investor threw ink on the face of Sahara Chief.

"We are not happy with the proposal. No concrete proposal has come up so far. We are not accepting this proposal. There is no bank guarantee. All of them except Vandana Bhargava will be in custody in Delhi," a bench of justices K S Radhakrishnan and J S Khehar said.

The bench clarified that it was not an order on contempt.

Sahara Chief's two sons, Sushanto Roy and Seemanto Roy were also present in the court during the hearing.

When a last-ditch effort was made by Roy pleading against custody, the bench said, "We want concrete proposal. You give us today or tomorrow".  The court said it will hear his plea on March 11.

At the outset, Roy apologised before the bench for not complying with its order and assured that its order would be followed by him and sought more time for refunding money to investors.

"I have faith in you. Punish me if I don't comply with your order," Roy submitted to the bench.

While seeking more time, Roy said the Group will sell its properties to refund the amount to the investors.

The bench told Roy, "You can't make payment in cash as it is contrary to law. You have to make payment through demand draft or cheque."

The bench also rapped Sahara Group for not abiding by its order and taking contradictory stand on payment of investors' money.

"You pushed us to the corner. Had you been serious, this position would not have arrived," it said.

While directing the custody of Roy and two directors, the bench said it was implementing its order.

Earlier during the day, when Roy stepped down from one of the cars of the Uttar Pradesh Police convoy, the man in his mid 30s, Manoj Sharma, threw a bottle of ink on Roy's face and started shouting "Sahara chor hai (thief)".

The man, however, was beaten up by some lawyers and others who had gathered there and he was removed by the police to Tilak Marg police station.
Sharma, who reportedly has a previous record of having thrown a shoe at Congress MP Suresh Kalmadi when he was being brought to a court, removed his shirt and shouted that "He (Roy) is a thief. He has stolen people's money and I am against thieves".
The Uttar Pradesh security personnel, in whose custody he has been since February 28, got entry passes issued for themselves and the Sahara Chief to ensure his presence before the bench at 2 PM today.

The bench had earlier taken serious note of Roy's absence before it and had issued non-bailable warrant against him and production by 2 PM today.

Subsequent efforts to get the arrest warrant recalled did not fructify as the bench had rejected the plea.

The order to arrest Roy was issued after his failure to appear before the apex court in the contempt case arising out of non-refund of Rs 20,000 crore to investors by two of his companies.

The court had issued non-bailable warrant against Roy after he failed to appear before it on February 26.

Roy had sought exemption from personal appearance on the ground of ill-health of his 92-year-old mother.

The Sahara chief had on February 27 approached the apex court tendering an "unconditional apology" for his non-appearance in the contempt case and had sought recall of the NBW. The plea was declined by the court.

Roy was arrested in Lucknow on February 28 after he surrendered to police.

The three directors of Sahara Group, who were also summoned along with Roy, had appeared in the court.

The court had on February 20 come down heavily on the Sahara group for not refunding the investors' money despite its order and summoned Roy, Ravi Shankar Dubey, Ashok Roy Choudhary and Vandana Bhargava, directors of its firms Sahara India Real Estate Corp Ltd (SIREC) and Sahara India Housing Investment Corp Ltd (SHIC) to be personally present before it.