Subrata Roy, the chief of the unlisted Sahara conglomerate, was refused bail by the Supreme Court today for his company's failure to refund investors in illegal bonds schemes.
The judges used strong language to censure Sahara and Mr Roy for repeatedly defying court orders and for "calculated mind games" to claim that his detention is illegal.
Mr Roy, 65, who was arrested early in March, will stay in jail, the judges said, rejecting Sahara's latest proposal to pay, in instalments, the Rs. 10,000 crore bail that has been set for the 65-year-old's release.
The court also asked Sahara to make a new proposal, warning that so far, the facts it has shared appear "totally unrealistic and could well be fictitious, concocted and made up."
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