NEW DELHI May 6 India's Supreme Court on
Tuesday ordered the chief of Sahara conglomerate to remain in
jail over his company's failure to refund investors in an
outlawed bonds scheme.
The court also rejected Sahara's latest proposal to pay, in
installments, the 100 billion rupees ($1.7 billion) bail the
court has asked for to secure Chairman Subrata Roy's release.
The court also asked Sahara to make a new proposal.
Roy has been in a Delhi jail since March 4 after failing to
appear at a contempt hearing in a long-running legal battle
between his group and the Indian capital markets regulator.
(Reporting by Suchitra Mohanty; Writing by Devidutta Tripathy;
Editing by Miral Fahmy)