Sahara Chief Subrata Roy was ordered to remain in custody for a week in Delhi by the Supreme Court which was unhappy over the proposal of his group on the refund of investors' money as it has not come up with any concrete proposal.
Apart from Roy, the bench also ordered that the Group's other two Directors Ravi Shankar Dubey and Ashok Roy Choudhary be taken into custody letting the woman Director, Vandana Bhargava free.
Roy, who was wearing his trade mark waist coat and black tie with Sahara logo, was produced before the apex court amidst chaotic scenes when a man claiming himself to be an investor threw ink on the face of Sahara Chief.
"We are not happy with the proposal. No concrete proposal has come up so far. We are not accepting this proposal. There is no bank guarantee. All of them except Vandana Bhargava will be in custody in Delhi," a bench of justices K S Radhakrishnan and J S Khehar said.
The bench clarified that it was not an order on contempt.
Meanwhile, accused of persistent non- compliance, Saharas today offered Sebi fresh bank guarantees for Rs 22,500 crore and help in verifying investors including those the group claims to have already refunded.
Sahara Chief's two sons, Sushanto Roy and Seemanto Roy were also present in the court during the hearing.
When a last-ditch effort was made by Roy pleading against custody, the bench said, "We want concrete proposal. You give us today or tomorrow". The court said it will hear his plea on March 11.
At the outset, Roy apologised before the bench for not complying with its order and assured that its order would be followed by him and sought more time for refunding money to investors.
"I have faith in you. Punish me if I don't comply with your order," Roy submitted to the bench.
Roy, who was sent in judicial custody for a week in Delhi by the Supreme Court today, will be kept in high-security Tihar prison where he will sleep on the floor and eat jail food like an ordinary prisoner.
Sebi - Sahara Case - Timeline