No SC relief for Sahara boss

Sahara Group chief Subroto Roy will have to stay behind bars for at least another 12 days as the Supreme Court on Thursday refused to provide him interim bail, saying he must come up with a new proposal to refund `20,000 crores that two of his group companies had raised from investors.

Fixing the matter for further hearing on March 25, the apex court also rejected the group’s offer of paying `2,500 crore now and the remaining amount in instalments, which it had turned down earlier too. “We will consider if there is a new proposal. The key is in your hands,” a bench of justices K.S. Radhakrishnan and J.S. Khehar said.

“Prayer made by Ram Jethmalani, learned senior counsel for the petitioner, for bail cannot be considered at this juncture, since no written proposal for payment in compliance with the directions issued by this court has been made so far,” the bench said in its order.

Mr Jethmalani, appearing for 65-year old Roy who has been in jail since March 4, pleaded that he should be granted bail to celebrate Holi with his family and also to spend time with his mother, who is critically ill. “We have repeatedly been saying what is your proposal. Tell us how much you can pay,” the bench said.

Mr Jethmalani, however, said that it is not possible to raise more money till Mr Roy remains in jail and that he can arrange the money only once he is out of the prison.

The bench also said it found nothing embarrassing in the petition as submitted on Wednesday by Mr Jethmalani while questioning the validity of its order.

Mr Jethmalani had told the bench it would be a little embarrassing for him argue before it that its order needed rectification.

“We have gone through the petition and nothing is embarrassing (for the bench) in it. You can argue the case including on the issue of maintainability,” the bench said while asking Mr Jethmalani whether there was any new proposal on refund of the money.