SC refuses to give relief to jailed Sahara Group chief Subrata Roy

The Supreme Court on Tuesday dismissed Sahara Group chief Subrata Roy's petition challenging his detention by the apex court for not refunding investors' money.

A bench of Justices K S Radhakrishnan and J S Khehar reserved its order.

The apex Court had earlier said that it was willing to defreeze the bank accounts of Sahara and allow the group to sell properties to raise 10,000 crore rupees for securing bail to Roy and sought details in this regard.

The apex court had earlier asked the Sahara Group to tell them about the property and bank accounts which have not been given to them so far.

The bench made the remarks as the advocate of the Group said, it was difficult to raise the money under present conditions.

Earlier on April 9, the apex court had rejected Roy's plea that he be put under house arrest to enable him negotiate deals for arranging money to repay investors.

The apex 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.

The Sahara group however, expressed its inability in immediately paying 10,000 crore rupees for securing bail for Roy and its two directors, Ravi Shankar Dubey and Ashok Roy Choudhary who are in jail since March 4.

The 65-year-old Roy had earlier submitted that the apex court's order for detaining him for not paying Rs 20,000 crore of investors' money with SEBI was "illegal and unconstitutional" and sought quashing of the order.