SC sends Subrata Roy, 2 others to jail

New Delhi:The Supreme Court has sent Sahara chief Subrata Roy and two directors of his company to judicial custody till they present a concrete proposal to return the balance of Rs 19,000 crore they had collected from investors through optionally fully-convertible debentures (OFCDs).
The court has fixed March 11 as the next date of hearing.

Directing the judicial detention of Roy and two other directors – Ashok Roy Choudhary and Ravi Shankar Dubey – the apex court noted that despite being given sufficient opportunities, there was no proposal to “honour” its August 31, 2012, judgment and the subsequent orders of December 5, 2012, and February 25, 2013, to return the investors’ money.

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