Besides Roy, two other directors, Ravi Shankar Dubey and Ashok Roy Choudhary, were also arrested for the failure of two group companies.
Market regulator Sebi has begun prosecution proceedings against two Sahara firms and their top officials, while accusing them of failing to provide documents related to three crore investors as per a Supreme Court order.
Sahara Chairman Roy was arrested on February 28 and has been held in a Delhi jail since March 4.
The Sahara's is a high-profile refund case involving an estimated Rs 24,000 crore (Rs 240-billion) payment to over three crore (thirty million) investors.
Jailed chief of Sahara conglomerate Subrata Roy has once again been provided with an AC conference room with services like Internet and video-conferencing at the Tihar prison as per a Supreme court order to complete negotiations for raising funds for his bail.
Shares of two Sahara firms fell by up to 5 per cent on Wednesday, after the group's chief Subrata Roy and two directors were jailed for a week for not complying with the Supreme Court order on refunding around Rs 20,000 crore (Rs 200 billion) of investors money.
The cause list put on the apex court website on Monday, however, showed that the case, which was listed before a special bench of justices K S Radhakrishnan and J S Khehar "stands deleted and the same is adjourned".
Sahara also sought permission to sell its properties in Bangalore.
Roy was allowed by the Supreme Court to use the jail's conference room to negotiate sale of his hotels in order to collect Rs 10,000 crore (Rs 100 billion) for his bail.
The apex court had also asked Sahara Group to provide it within two weeks the list of "unencumbered properties" which can be put for public auction to realise the remaining over Rs 14,000 crore
The Sahara Group had earlier sought 18 months' time to repay around Rs 9,000 crore balance amount of the principal amount of Rs 24,000 crore.
Earlier, the top court said it had been "taken for a ride" by the Sahara group by its past conduct and asked it to submit a roadmap for paying the balance amount
Roy's plea was mentioned before a bench comprising justices K S Radhakrishnan and J S Khehar which said he has to appear on Wednesday.
Genuine investments identified so far is Rs.1.08 cr out of around Rs 24,000 cr.
The court allowed the group to re-auction certain properties in Ajmer, Firozabad, Vellore, Tiruchirappalli and Ujjain for which the bidding was at a much higher price
The government on Friday informed the Parliament that Sebi has discovered discrepancies in the claims by the bondholders and the database provided by Sahara Group in the Rs 20,000-crore (Rs 200 billion) investors money refund case.
The Supreme Court on Friday asked Sahara and SEBI to formulate mechanism for securing payment of around Rs 19,000 crore (Rs 190 billion) of investors' money after the Subrata Roy-led group agreed to pledge it's immovable property as security but the market regulator questioned the sale deed and worth of the properties.
The apex court on August 31 last year directed the two Sahara group companies to refund the money to their investors within three months with 15 per cent interest per annum.
The Chief Justice said that some people play with the dignity of the court and there were some lawyers who are disrespectful towards the court.
Sahara Group chief Subrata Roy will not be allowed to leave the country with the Supreme Court today refusing to relax its order restraining him from going abroad till his company furnishes details of refunding Rs 20,000 crore of investors money.
The bench asked the official liquidator, attached with the Bombay high court, to auction Aamby Valley properties, estimated to be worth Rs 34,000 crore, and directly report to it
The apex court was irked when Sebi claimed that the group had allegedly obstructed the process by writing a letter to the Pune police raising the issue of law and order at the prime property.
SEBI on Wednesday told the Supreme Court that Sahara group overvalued its properties and did not hand over all original title deeds of assets worth Rs 20,000 crore (Rs 200 billion) as per its direction.
The Sahara group on Tuesday told the Supreme Court that its chief Subrata Roy is not liable for refunding Rs 24,000 crore (Rs 240 billion) collected by its two firms from investors, countering the arguments of SEBI, which wanted his passport to be impounded till the contempt plea against him and companies is decided.
Refuting the contention of Roy who had submitted that he cannot be penalised for non-refund of the money by Sahara India Real Estate Corp Ltd and Sahara India Housing Investment Corp Ltd, the market regulator said that the business tycoon held 70 per cent stake in the companies and liable for contempt of court punishable upto to six months imprisonment or fine.
The apex court told Roy that his proposal of paying Rs 1,500 crore, if the auction process was halted or postponed, was unbelievable.
SC refuses to extend the deadline for Sahara to deposit Rs 600 crore
Senior advocates Kapil Sibal and Mukul Rohatgi, appearing for Sahara, has sought time till August 15 for realisation of the cheque and giving a road map for depositing the remaining amount.
It asked the Sahara chief to discuss the roadmap for future payments with amicus curiae Shekhar Naphade and Sebi, and said if they are convinced, the court could look into it
Holding that it was playing "hide and seek" and cannot be trusted any more, the Supreme Court on Monday directed the Sahara group to hand over title deeds of its properties worth Rs 20,000 crore (Rs 200 billion) to SEBI warning that failure to comply would mean Subrata Roy cannot leave India.
Senior advocate Kapil Sibal, representing Roy, said it was quite difficult to raise money as the properties have already been attached.
The apex court also asked Sahara Group to provide it within two weeks the list of 'unencumbered properties' which can be put on public auction.
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