SC sends Subrata Roy, two directors to custody

New Delhi, March 4: The Supreme Court Tuesday sent Sahara chief Subrata Roy and two of his company directors to custody till they present a concrete proposal to return Rs.19,000 crore they had collected from investors through optionally fully-convertible debentures.

This was done by two companies — Sahara India Real Estate Corp Ltd and Sahara Housing Investment Corp Ltd.

An apex court bench headed by Justice K.S. Radhakrishnan, however, spared the third woman director, Vandana Bhargava, saying she will negotiate with Roy and the other two and make an acceptable concrete proposal.

Sending them to 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 after the proposal was finalised, it can be communicated to the court so that the next hearing could be held.