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.
Senior advocate C A Sundaram, appearing for Roy, submitted that his client has some business overseas and he is needed there.
Roy was summoned by the market regulator Sebi on Wednesday to ascertain details of his personal and two company assets that could be sold to generate over Rs 24,000-crore (Rs 240-billion) worth funds required to be returned to the investors.
The hearing was adjourned to March 25.
Sahara also sought permission to sell its properties in Bangalore.
Sebi suggested Roy be allowed to step out of Tihar jail for a few hours every day to negotiate the sale of his foreign properties over video conference.
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 court will hear Sahara case on July 14.
Delhi court to hear Subrata Roy's IT case on June 1.
The Supreme Court will on Tuesday deliver its verdict on Sahara Chief Subrata Roy's petition challenging its decision to send him to jail for not complying with its order to deposit around Rs. 20,000 crore (Rs 200 billion) of investors money with SEBI.
The Supreme Court on Friday declined to hear Sahara chief Subrata Roy's plea for recall of the non-bailable warrant (NBW) issued by it against him in a contempt case.
Sahara Group chief Subrata Roy and two directors have been in Tihar Jail since March 4.
Over seven hours after he was arrested, Sahara Chief Subrata Roy was produced in a court here which directed the UP police to keep him in custody till March 4 when he will be produced before Supreme Court.
Tightening its noose around Sahara group, market regulator Sebi on Tuesday asked Sahara group chief Subrata Roy and three other top executives to submit details of their assets, bank accounts and tax returns by April 8 followed by personal hearings on April 10.
The Sahara chief was lodged in a guest house of the state forest department at Kukrail
Subrata Roy turned up at a New Delhi stadium, best known for hosting the Commonwealth Games, last week as part of his country wide Abhaar Yatra.
The lawyer, who threw black ink at Sahara Group chief Subrata Roy in the Supreme Court premises on Tuesday, was today sent to Tihar jail by a Delhi court after he failed to get a surety for his bail.
In a dramatic turn of events, Sahara chief Subrata Roy on Friday said he is not absconding from arrest and is ready to "unconditionally follow" whatever direction the Supreme Court gives him today.
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.
A bench of Justice G S Singhvi and K S Radhakrishnan also issued notice to Roy and his two employees, who were working with his news channel, seeking their response on why probe be not initiated against them.
The court also issued notice to the Income Tax department.
The group needs to rustle up Rs 5,000 crore in cash and an equal amount in bank guarantees for bail.
Roy and the other two directors of the Group have been in judicial custody since March 4.
Sahara chief Subrata Roy, who was sent in judicial custody for a week in Delhi by the Supreme Court today, will be kept in high-security Tihar prison where he will sleep on the floor and eat jail food like an ordinary prisoner.
In a setback to Sahara Group chairman Subrata Roy, the company on Thursday informed the Supreme Court that it will not be able to deposit Rs 10,000 crore (Rs 100 billion) to release Subrata Roy from jail.
Subrata Roy is in jail since March last year.
Sahara group claims that it has directly paid back most of the investors and the total outstanding liability is less than Rs 5,120 crore (Rs 51.2 billion) already given to Sebi towards refund.
A bench headed by Justice T S Thakur asked Delhi government to issue notification by August 4 for converting the conference room into jail which can be used by Roy and two jailed directors of Sahara for 10 working days from 06:00 AM to 08:00 PM for holding negotiations with prospective buyers of hotels in New York and London.
He wanted 15-day relief to attend aunt's cremation.
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The tycoon had been allowed to use an office, phone, internet connection and three secretaries.
The Supreme Court is likely to pronounce on Wednesday its verdict on a plea of jailed Sahara Group chief Subrata Roy seeking modification of an earlier order asking him to pay Rs 5,000 crore (Rs 50 billion) in cash besides a bank guarantee of an equivalent amount for securing his release.
Sahara Group got other much-needed relief with the apex court lifting its embargo of permitting it to sell only 19 properties.
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.
Roy, who in compliance with the last order appeared before the court, was told by the apex court that he has to frequently make the payment as per the roadmap approved by the court or face further imprisonment.
Besides Roy, two other directors, Ravi Shankar Dubey and Ashok Roy Choudhary, were also arrested for the failure of two group companies.
Sahara relied on a letter from bank saying the funds were there.
Sahara group has sought extension of negotiation facilities in the Tihar jail here for its chief Subrata Roy by a further 45 days.
'Two esteemed foreign investors with huge funds are coming with us in our real estate and city development businesses.'
The apex court had asked Roy to pay Rs 10,000 cr.
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.
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