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Supreme Court rejects Sahara Group's refund proposal; Roy to remain in jail
The Supreme Court on Friday rejected Sahara Group's proposal of refunding investors money to the country's market regulator SEBI, saying the proposal is not proper. The apex court said that the proposal is not proper and Sahara Group must come out with honourable proposal.

According to various media reports the SC said that Sahara's plea will be heard on Tuesday and till then Subrata Roy will remain in judicial custody. The court has allowed Sahara's financial consultants and lawyers to meet Roy in jail between 10 AM and 12 noon everyday.

The regulator Securities and Exchange Board of India (SEBI) opposed Sahara's proposal claiming the group's total due amount is Rs. 37,000 cr but it intended to pay only Rs. 17,000 cr.

In its plea the group proposed to deposit Rs. 2,500 crore within three days and rest of the amount in installments after every three months. The Group also pleaded the release of Roy and two other directors from custody in order to withdraw the amount.

Senior counsel Rakesh Dwivedi, advocating for the Sahara Group, appealed the apex court that the group wishes to submit a substantial amount in a month and said that the rest of the amount will be paid subsequently.

The bench headed by Justice K.S. Radhakrishnan while hearing the plea directed Sahara to submit its proposal before SEBI and asked the market regulator to respond on it.

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