Zee Media Bureau
New Delhi: Sahara group is likely to come out with a new proposal for refunding Rs 20,000 crore of investors money before the Supreme Court on Friday.
The apex court had said earlier that it would consider his bail plea only if the group comes out with new proposal for refunding the money.
"We will consider if there is a new proposal," a bench of justices K S Radhakrishnan and J S Khehar had observed when at the fag end of the two-hour hearing Senior advocate Ram Jethmalani pleaded for bail.
Roy in his petition had submitted that detaining him was “purely illegal, contrary to the procedure prescribed by law and against the principles of natural justice”.
Roy was sent to jail on March 4 by the top court in connection with contempt proceedings over two group companies' failure to pay Rs 20,000 crore by way of dues to market regulator Sebi.
With agency inputs
First Published: Friday, March 21, 2014, 09:53