SC rejects Subrata Roy's bail plea: Here's what the court said

The Supreme Court today rejected the bail and parole plea of Sahara chief Subrata Roy, but allowed him to leave jail premises in order to participate in negotiations for asset sales in order to raise funds for his bail.

Roy and two other Sahara directors - Ravi Shankar Dubey and Ashok Roy Choudhary - are in judicial custody since March 4 for the failure of Sahara India Real Estate Corporation Limited (SIRECL) and Sahara Housing Investment Corporation Limited (SHICL) to comply with apex court’s Aug 31, 2012 and Dec 5, 2012, order to return investors money.

Here’s a what the apex court bench said today while rejecting the pleas:

- “We will allow you to hold negotiations to sell properties in police custody whenever and wherever you like.”

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- The court allowed Roy “…to hold negotiations with clients outside jail between 10 am and 4 pm under police custody”.

- But the court added that it is “premature” at this stage to make such arrangement as there is no “concrete” proposal right now.

- The bench also had a heated exchange with Roy’s counsel Rajiv Dhawan.

Dhawan said, “I (Roy) came to this bench with good faith. I have already deposited Rs 3,000 crore. No person can be sent to jail like this.”

The bench said, “we decided the case in our wisdom and your client may not like it. But we allowed you to sell nine of your domestic properties and also allowed you to sell your off-shore properties”.

As soon as Dhavan stopped, the bench said, “should we take leave now”.

This did not go well with Dhavan, who told the bench “Don’t make fun of me. You gave me benefit of conversation”.