Sahara Chief sent to Jail Ordered to repay 240 billion Rupees of 22 million small Investors

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New Delhi: Supreme Court of India ordered custody in jail for Sahara chief Subrata Roy until March 11 and asked his firm to come up with a plan to repay 240 billion rupees of its investors until then Roy will be kept in the jail. The Sahara chief was arrested on last Friday after he failed to appear before the judges in connection with a fraud case.

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A protester threw ink on Roy’s face as he arrived at the Supreme Court. “Subrata Roy is a thief. He has cheated and robbed us,” his attacker shouted. The man, identified himself as a lawyer.

 

Subrata apologized to the court. He said Sahara would sell its assets and pay back the investors and asked the judges to give him more time.

But the court rejected his proposal saying “we are not interested in selling the properties, you have been telling us for the last two years, it is your headache, and you should have done it”.

The case against Mr Roy stretches back to August 2012, when the court ordered the two Sahara firms implicated to refund money to 22 million small investors within 90 days and with 15% interest.

His group, worth $11bn, has businesses ranging from finance, housing and manufacturing to aviation and the media. With more than 1.1 million workers, the group is India’s one of biggest private sector employer.