The Supreme Court on Friday frowned upon Sahara for submitting what it called a dishonest proposal to refund deposits and refused to revoke the order sending its chief Subrata Roy and two other directors to judicial custody.

A Bench of Justices K.R. Radhakrishnan and J.S. Khehar asked Sahara to come out with a concrete and acceptable proposal on March 11 so that it could consider the release of the three directors.

The Bench, however, allowed Sahara’s financial consultants and lawyers to meet Mr. Roy in jail between 10 a.m. and 12 noon everyday till March 11, the next date of hearing.

Payment plan

Senior counsel Aryama Sundaram, Ravi Shankar Prasad, Rajeev Dhavan and Rakesh Dwivedi told the court that Sahara would pay Rs.17,400 crore to SEBI in the following manner: Rs.2,500 crore within three working days of the restriction on operation of bank accounts/deposits being lifted; Rs.2,000 crore by July 31, 2014; Rs.2,500 crore by October 31, 2014; Rs.3,000 crore by January 31, 2015; Rs.3,500 crore by April 30, 2015; and the balance Rs.3,900 crore by July 30, 2015.

Not satisfied

The court was not satisfied with this proposal.

“For a year and a half you have been telling us that you will repay, but nothing is coming out. It is a big insult to make us assemble and you can’t give a concrete and acceptable proposal as you are not willing to pay. This is a dishonest proposal which can't be accepted,” Justice Khehar said.