Sahara case: Subrata Roy to stay in jail as SC rejects bail plea

The Supreme Court on Tuesday dismissed Sahara chief Subrata Roy's petition challenging his detention by the apex court for not refunding investors' money. New Delhi The Supreme Court on Tuesday dismissed Sahara chief Subrata Roy's petition challenging his detention by the apex court for not refunding investors' money. A bench of justices KS Radhakrishnan and JS Khehar, reserved its order. The top court had earlier imposed a condition that Roy will be freed on bail only if he pays Rs 10,0000000000 out of which Rs 5,0000000000 has to be in bank guarantee and rest Rs 5,0000000000 in cash. Roy and the other two directors of the Group have been in in jail for two months for not abiding by the apex court's order for depositing Rs 20,0000000000 of investors' money with SEBI. In the meantime, the group on Tuesday placed details of property owned by it before the court. Sahara group submitted that Roy be released forthwith to facilitate negotiations with people for the purpose of raising money to comply with the apex court's order. It also pleaded that its bank accounts frozen by the court on 21 November last year be defreezed. 65-year-old Roy had earlier submitted that the apex court's order for detaining him for not paying over Rs 20,000 of investors' money with SEBI was illegal and unconstitutional and sought quashing of the order. PTI