Head of India's Sahara group in remand for failure to repay small investors
Published on Mar 4, 2014 7:01 PM
NEW DELHI (AFP) - India’s top court jailed the head of Sahara business group on Tuesday after he apologised to the judges for failing to show up for a hearing over repaying billions of dollars to small investors.
Flamboyant billionaire Subrata Roy, who was remanded in custody for a week, said he was sorry for not personally attending a hearing last week, which had prompted the frustrated top court to order his arrest over the 18-month old case.
“I sent an unconditional apology. My reasons for not appearing before the court were genuine,” Roy told the court in New Delhi during a hearing on Tuesday, referring to his sick, elderly mother.
The court remanded Roy to Tihar, India’s largest jail, until he could present a “concrete proposal” on repayment to investors.
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