Roy has been in in jail for two months for not abiding by the apex court's order for depositing Rs 20,000 crore of investors money with SEBI.
Zee Media Bureau
New Delhi: In a severe jolt to the Sahara group, the Supreme Court on Tuesday rejected jailed Sahara chief Subrata Roy's petition challenging his detention by the apex court for not refunding investors' money.
The court said that detention of Roy is legal and all legal procedures were followed before sending him to jail
Giving its verdict, the apex court said that Sahara group has still not submitted the documents pertaining to debenture case.
The court has asked Sahara group to come up with a fresh proposal for depositing investors' money.
Our orders were systematically frustrated by Roy and the group. Facts revealed that the group flouted all orders of SC, HC and SAT, the court said.
"Judicial orders can't be allowed to be circumvented and disobedience of our orders strike at the very root of rule of law. We deprecate such behaviour as our orders are bound to be
obeyed," it said.
Brusing aside Sahara's contention that it had refunded the money to investors, the apex court said that there is no credible record to prove it.
Roy and the other two directors of the Group have been in in jail for two months for not abiding by the apex court's order for depositing Rs 20,000 crore of investors money with SEBI.
With PTI Inputs