A week after being detained in jail, Sahara chief Subrata Roy on Wednesday questioned the legality of his arrest and asked the Supreme Court to release him forthwith from Tihar jail, where he is lodged since March 4.
Roy’s lawyers led by senior advocate Ram Jethmalani filed a fresh petition before a Bench headed by Chief Justice P Sathasivam seeking urgent hearing on the matter. The March 4 order did not specify the period of incarceration and the reason for arrest and this itself was sufficient to render the decision of the court a “nullity”, Roy’s lawyers said.
“It is submitted that where the harm done is deprivation of liberty, by a totally unjust remand without judgment of conviction, without proper charges framed or notice issued or without hearing the petitioner, the same is a nullity,” said the petition moved by Roy.
The petition contended that if non-payment of Rs 24,000 crore to investors of two of the Sahara firms was the reason for putting Roy in jail, there could be no contempt proceedings as Roy owned only 0.112 per cent and 0.03 per cent shares in Sahara Housing Investment Corporation limited and Sahara India Real Estate Corporation respectively.
The CJI Bench ordered Jethmalani to go before the same Bench of Justices KS Radhakrishnan and JS Khehar, who passed the order of Roy’s detention. Roy’s petition will be taken up at 2 pm Thursday.
The matter was expected to come up for hearing on Tuesday. But the court had set a tough condition to the Sahara chief asking him to present a scheme by which the outstanding amount would be repaid to the investors through SEBI. last week, Roy’s lawyers had offered a proposal for an upfront payment of Rs 2,500 crore and remaining sum to be paid over 15 months.
The Bench rejected the offer demanding a more attractive proposal. Roy has maintained that the company has had a good track record due to which none of the investors have sought return of their funds despite court proceeding against them. The March 4 order raised doubts on the existence of investors which Sahara refuted in its fresh petition.