New Delhi: The Supreme Court has said that Sahara Chief Subrata Roy and two other directors will remain in police custody till the company comes up with a proposal to pay the money it owes investors. Announcing the custody of Roy, SC clarified that it is not an order on contempt of court by the Sahara chief.
Earlier in the day, Roy had got emotional when he appeared before the Supreme Court after ignoring summons from the apex court for over two years. Folding hands, Subrata tendered an unconditional apology to the Supreme Court. But the SC admonished him saying, "We respected you, you failed to respect us."
Appealing to the Supreme Court to keep in mind the sprawling Sahara business empire and the 12 lakh employees working in its various enterprises, Roy claimed in the court that he never had a blot on him in his 37-year-long career.
The Sahara chief proposed before the court to sell off Sahara properties to pay off all the liabilities to SEBI. "We are willing to give bank guarantees in three-four months," he added. But the court snubbed him, saying, "We are not interested in selling the properties, you have been telling us for the last 2 years, it is your headache, you should have done it."
While seeking more time for refunding money to investors, Subrata assured SC that he would abide by his orders this time. He added, "I have faith in you. Punish me if I don't comply with your order."
Subrata also claimed that Sahara has already paid Rs 5,000 crore to SEBI. Supreme Court rapped Sahara saying, "You push us to the corner. Had you been serious, this position would not have arrived."
The Sahara chief had been evading arrest giving one or the other excuse. On February 27, the UP Police visited Subrata Roy's home in Sahara City in Lucknow, but failed to locate him.
On the same day, Roy moved the Supreme Court and tendered an unconditional apology for not presenting himself in the apex court.
The Uttar Pradesh Police then arrested the Sahara chief on Friday and produced before the court which sent him to police custody for two days.
The CJM court had then told the UP police must produce Subrata Roy in the Supreme Court, but till then it is their prerogative to house him where ever they want. The UP police decided on a forest guest house in Lucknow, which is supposed to be one of the best in the city.
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