India's Supreme Court on Tuesday ordered the chief of Sahara conglomerate to remain in jail over his company's failure to refund investors in an outlawed bonds scheme.
The court also rejected Sahara's latest proposal to pay, in installments, the 100 billion rupees ($1.7 billion) bail the court has asked for to secure Chairman Subrata Roy's release. The court also asked Sahara to make a new proposal.
Roy has been in a Delhi jail since March 4 after failing to appear at a contempt hearing in a long-running legal battle between his group and the Indian capital markets regulator.
The apex Court had earlier said that it was willing to defreeze the bank accounts of Sahara and allow the group to sell properties to raise 10,000 crore rupees for securing bail to Roy and sought details in this regard.
The apex court had earlier asked the Sahara Group to tell them about the property and bank accounts which have not been given to them so far.
The bench made the remarks as the advocate of the Group said, it was difficult to raise the money under present conditions.
Earlier on April 9, the apex court had rejected Roy's plea that he be put under house arrest to enable him negotiate deals for arranging money to repay investors.
The apex court had earlier imposed a condition that Roy will be freed on bail only if he pays Rs 10,000 crore out of which Rs 5,000 crore has to be in bank guarantee and rest Rs. 5,000 crore in cash.
The Sahara group however, expressed its inability in immediately paying 10,000 crore rupees for securing bail for Roy and its two directors, Ravi Shankar Dubey and Ashok Roy Choudhary who are in jail since March 4.
The 65-year-old Roy had earlier submitted that the apex court's order for detaining him for not paying Rs 20,000 crore of investors' money with SEBI was "illegal and unconstitutional" and sought quashing of the order.