Home > News > World
Thursday March 13, 2014 MYT 7:10:05 PM
Thursday March 13, 2014 MYT 7:11:25 PM
NEW DELHI (Reuters) - India's Supreme Court on Thursday rejected a petition by the head of the unlisted Sahara conglomerate to be released from custody and said the matter would next be heard on March 25.
Sahara Chairman Subrata Roy, 65, was arrested on February 28 after failing to appear at a contempt hearing in the long-running legal battle between the unlisted group and the Indian securities regulator over repayment of billions of dollars to investors in outlawed bonds.
Roy has been held in a Delhi jail since March 4. He has not been charged with a crime and was not present in court on Thursday.
Last week, the court rejected a Sahara proposal to give bank guarantees of 225 billion rupees ($3.7 billion) within three to six months, as well as a subsequent proposal to pay a total of 174 billion rupees in six instalments through July 2015.
The court has asked Sahara to come up with a "concrete and acceptable" plan to refund investors.
($1 = 61.1675 Indian Rupees)
(Reporting by Suchitra Mohanty; Editing by Tony Munroe and Anupama Dwivedi)
In France's suburbs, state neglect breeds resentment
Islamic State purportedly sets new deadline for hostage swap
Pentagon official urges NATO to focus on innovative weapons
North Korea 'demanded $10 billion in cash and food' for summit with South
Plenty of great fun and adventure pursuits in Adelaide
Healthy living in the heart of Ampang
There is always Hope
‘H Is For Hawk’ scoops Costa book award
Unesco recognition for Leaning Tower still in progress
Copyright © 1995-2015 Star Publications (M) Bhd (Co No 10894-D)