The Supreme Court Tuesday sent Sahara chief Subrata Roy and two of his directors to police custody till they presented the court an acceptable concrete proposal to return investors' balance of Rs.19,000 crore that they had collected through optionally fully-convertible debentures.
The raising of funds through optionally fully-convertible debentures was done by two companies -- Sahara India Real Estate Corp. Ltd. and Sahara Housing Investment Corp Ltd.
The apex court bench, headed by Justice K.S. Radhakrishnan, however, spared the third woman director Vandana Bhargava, saying she will negotiate with Roy and other two contemnors and make an acceptable concrete proposal.
Sending them to police custody, the court said: "We are not happy with your proposal. No concrete proposal has been made. No bank guarantee has been given."
The apex court said that after the proposal is finalised it can be communicated to the court so that a next hearing to consider the proposal could be held.
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