Tuesday, Apr 21, 2015Tuesday, Apr 21, 2015

Head of India's Sahara group in remand for failure to repay small investors

Published on Mar 4, 2014 7:01 PM
India's Sahara group chairman Subrata Roy's face is covered in black ink after a protester attacked him as he arrives at the Supreme Court in New Delhi on March 4, 2014. The court issued the order after Roy's lawyers said he could not appear in person at a hearing last week because his elderly mother was ill, frustrating the judges and further delaying the 18-month-old case. -- PHOTO: AFP

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.

Enjoy 2 weeks of unlimited digital access to The Straits Times. Get your free access now!