Supreme Court orders Sahara chief to remain in jail

The Supreme Court on Tuesday ordered the chief of Sahara conglomerate to remain in

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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 instalments, 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 Securities and Exchange Board of India.

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