New Delhi: The Supreme Court on Friday rejected a Sahara proposal to pay off its investors' money in instalments. Sahara had proposed to pay Rs 2500 crore of its unpaid dues in three working days and the rest of the amount in an-year-and-a-half.
The top court lashed out at Sahara chief Subrata Roy, pulling him up for forcing the court to assemble and then making a "dishonourable proposal".
"This is a dishonourable proposal. It is a big insult that you have asked us to assemble and you do not have a proper proposal," the court said.
Capital market regulator SEBI too opposed the proposal.
Sahara had approached the apex court in the morning for a hearing saying they wanted to make payments in installments in a time-bound manner. The Supreme Court asked the company to give them "an attractive figure".
The court has now permitted Sahara lawyers and financial consultants to meet Roy and other directors of the company in jail between 10 am and 12 noon daily.
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