Top court rejects bail plea of Indian tycoon

Headline News Posted on

India's Supreme Court Wednesday rejected an appeal by an Indian tycoon accused of a multibillion dollar fraud to be released from jail and allowed house arrest.

Subrata Roy, head of the Sahara India conglomerate, has been jailed since March 4 on charges that his company failed to return billions of dollars to investors. Bail was earlier set at $1.68 billion and the company has struggled to raise the funds.

India's securities regulator has accused Sahara India of raising nearly 200 billion rupees ($3.2 billion) through bonds that were later found to be illegal.

Sahara is well known throughout India because it sponsors the Indian cricket team. The company also sponsors the Indian hockey team and owns a stake in Formula One racing team, Force India.

The company has interests in microfinance, media and entertainment, tourism, health care and real estate, including New York's landmark Plaza Hotel and London's Grosvenor House.

The court Wednesday allowed the Sahara group to sell properties in nine Indian cities after the company said it had not succeeded in raising the $1.68 billion needed to obtain bail for Roy.

The court had earlier rejected a proposal by the company to pay bail in instalments.

Legal News Media

Legal News Organization press is the top headline legal news provider for lawyers and legalprofessionals. Read law articles and breaking news from law firm's across the United States to get the latest updates. The content contained on the web site has been prepared by Legal News Media as a service to the internet
community and is not intended to constitute legal advice or a substitute for consultation with a licensed legal professional in a particular case or circumstance.

 

www.legal-news.org

 

American Bar Association – Start and Run a Law Firm

NewYorkStateBar.com – Starting a Law Firm

Lawyer Web Direct

CPA Website Designs