SC trashes Sahara repayment proposal, Subrata Roy to remain in custody

The Supreme Court has said Sahara Group's proposal to pay the entire amount to the Securities and Exchange Board of India (Sebi) in cash instalments of Rs 2,500 crore each at regular intervals of three months was not acceptable.

The Sahara Group told the court on Friday morning that it will deposit Rs 19,000 crore of investor's money with Sebi in cash instalments of Rs 2,500 crore each at regular intervals of three months, thereby extinguishing all outstanding claims by July 2015.

The apex court in reply said: "You should bring a proposal which is acceptable and honourable. This is a dishonourable proposal."

All that happened today:

>> Sahara assures SC it will deposit a substantial amount out of Rs 20,000 cr of investors' money this month and the rest later.
>> SC agrees to consider Sahara's proposal and asks it to brief Sebi about it.
>> Sahara pleads that Subrata Roy, two other directors be sent to police custody from judicial custody.
>> Sahara seeks police custody for Roy, two others on ground that there were problems getting access to them in judicial custody.
>> Sahara proposes to deposit Rs 2,500 crore within three days and rest of the amount in instalments after every three months.
>> Sahara Group pleads that Roy and other two directors be released from custody to raise the amount.
>> Sebi opposes Sahara's proposal, saying the group intends to pay Rs 17,000 cr but the total due amount is Rs 37,000 cr.
>> The first instalment looks attractive: SC says, agreeing to assemble the special bench today to hear Sahara's plea.
>> SC refuses to accept Sahara Group's proposal for refunding the money.
>> SC, however, allows Sahara's financial consultants and lawyers to meet Roy in jail between 10 am and 12 noon everyday.
>> The proposal is not proper and you must come out with honourable proposal: SC to Sahara.
>> Roy to remain in judicial custody. SC says it will hear Sahara's plea on police custody on Tuesday (March 11)