Supreme Court of India(SC) Rejects Sahara's proposal as 'big insult',Subrata Roy to stay in jail Friday March 07,2014

The Supreme Court of India(SC)today Friday March 07,2014 rejected Sahara's proposal of refunding crores of rupees to small investors in instalments as "a big insult."

Sahara told the top court this morning that it will pay back investors over the next 15 months, with an initial deposit of Rs. 2,500 crore in cash within three working days. The balance will be paid in installments every three months 



The SC also rejected the group's plea to release its chief Subrata Roy, who has been in Tihar jail since Tuesday. The SC had said the 65-year-old Sahara boss will remain in jail till the next hearing on March 11, though he could ask for an earlier hearing if he was ready with "a concrete proposal."