Monday, Dec 29, 2014Monday, Dec 29, 2014

News

 

Hearing in India's Sahara case will not be held Tuesday

Published on Mar 11, 2014 12:04 AM
 
The Sahara group chairman Subrata Roy (C) at the Supreme Court in New Delhi March 4, 2014. Roy, the head of India's Sahara conglomerate, was arrested on Friday after failing to appear at a Supreme Court hearing related to a multi-billion-dollar Sahara investment scheme that was later ruled to be illegal. --PHOTO: REUTERS

NEW DELHI (REUTERS) - A scheduled Indian Supreme Court hearing involving the Sahara conglomerate, whose chief has been in jail over the group's failure to comply with a ruling to repay billions of dollars to investors in outlawed bonds, will not be held on Tuesday.

The reason for the court not hearing the case on the scheduled date was not known, two lawyers involved in the case who declined to be identified. They added they did not know when the case would be heard next.

Sahara Chairman Subrata Roy, 65, was arrested on February 28 for failing to appear at a hearing in the long-running legal battle between the unlisted group and the Indian securities regulator, and has been held in a Delhi jail since March 4.

The court, which had ordered Roy to be held until the next hearing, had also asked Sahara to come up with a "concrete and acceptable" plan to refund investors.

 
If you are not a subscriber, you can get instant, unlimited access here