Subrata Roy could go back to Tihar Jail barracks

Sahara's embattled chairman Subrata Roy could go back to Tihar Jail barracks after the deadline to use the prison's conference room and other facilities for negotiating deals with buyers of his assets expired on Friday.

The conglomerate requires Rs 10,000 crore to secure bail for Roy, who is in jail since March 4 last year for non-refund of more than Rs 20,000 crore to investors.

A Supreme Court Bench headed by Justice T.S. Thakur said on Friday that some message would be given after Roy's application requesting extension of the facilities by four to six weeks was mentioned in the morning.

However, Sahara's lawyer Keshav Mohan later said that the application is now listed for hearing on Tuesday.

Senior advocate Shekhar Naphade, who is assisting the court as an amicus curiae in the matter, also said that Roy's application was not taken up for hearing and will be heard next week.

The SC had on January 9 extended its August 1, 2014, order for conference facility for Roy to deal with the nittygritty of the transaction till February 20.

When Sahara's counsel on February 17 had orally made a mention for extending the facilities, the apex court had expressed concern over how the Group would raise money to secure Roy's release saying, "You are struggling to pay Rs 10,000 crore. How will you pay Rs 30,000 crore after coming out."

The SC had asked the counsel for Sahara to file an appropriate application in regard to its request.

The Reserve Bank of India (RBI) had moved the apex court seeking to implead itself as a party in the company's tussle with the Securities and Exchange Board of India (Sebi) and sought to stop one of its firms from disposing off assets for securing Roy's release.