Subrata Roy enroute Tihar Jail

Subrata Roy, the chief of the Sahara conglomerate, will spend the next seven days in Delhi's Tihar Jail unless he can come up with a "concrete policy" on refunding almost three million small investors, the Supreme Court ordered today. (What may have led to Sahara Chief's arrest)

The court was dismissive of Mr Roy's request for "three-four months" to sell property to raise the funds, saying he had been promising this for the last year and a half. The court also rejected Sahara's offer of a bank guarantee for Rs. 22,000 crore, while it sells property to refund the investors, who had bought into two financial products that were later ruled to be illegal.

Mr Roy made emotional appeals in a packed courtroom, urgng the judges, "With folded hands, I am begging you to save us. Give us time," vowing that its "every direction" would be followed.

"Ours is a beautiful human story. If you know it you will love us," the Sahara chief told the court, which retorted, "We will love it if you obey our orders and make the payment."

It ordered judicial custody for Mr Roy and two other Sahara directors till the next hearing on Tuesday, March 11.

As he arrived at the Supreme Court today, Mr Roy was sprayed with ink by a man who was beaten up by lawyers and handed over to the police. "He robs the poor," said the ink-thrower.


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