The Supreme Court today dismissed Sahara chief Subrata Roy's petition challenging his detention by the top court for not refunding investors' money.
The top court also slammed Sahara, accusing it of repeatedly defying court orders, and "playing psychological games". The Supreme Court also directed the group to submit a fresh proposal for refunding investors' money. In the petition, Sahara lawyers said the Supreme Court's March 4 order for detaining Mr Roy for not paying Rs 20,000 crore of investors' money was "illegal and unconstitutional" and sought quashing of the order.
Coming down heavily on Sahara for flouting court's orders, the Supreme Court said adequate opportunity of being heard was given to Mr Roy before he was sent to jail.
In a very strongly worded order, the top court today said: "Judicial order cannot be circumvented and our orders are bound to be obeyed. We deprecate such approach. Our orders were repeatedly defied. The demeanour of the pe titioner and his counsels displayed disregard for the court. So much judicial time was spent on this case."
Sahara group had earlier also made a plea that Mr Roy be released to facilitate negotiations with buyers for raising money to comply with the Supreme Court's order.
Mr Roy, 65, was arrested on February 28 and has been held in Tihar Jail since March 4 after failing to appear at a contempt hearing in a long-running legal battle between the group and securities regulator Sebi, or Securities and Exchange Board of India, over refund of crores to nearly thirty lakh investors.
The Supreme Court had earlier granted conditional bail to Mr Roy, saying that he has to pay Rs 5,000 crore in cash and another Rs 5,000 crore in bank guarantee. But Sahara Group had expressed its inability to pay the amount for Mr Roy's bail and sought modifications of the bail conditions. Sahara had offered to pay the amount in instalments.
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