Sahara chief ordered by court to remain in custody

The Indian Supreme Court on Tuesday directed that the head of the Sahara conglomerate, Subrata Roy, remain in custody over the group’s failure to comply with its orders to repay investors in an outlawed multi-billion-dollar investment scheme. Roy, 65, was arrested on Friday after he did not appear last week at a Supreme Court hearing - which he says he missed to attend to his ailing mother - in its long-running battle with India’s securities regulator. Sahara is best known as the former main sponsor of the national cricket team, as well as owner of New York's Plaza Hotel and London’s Grosvenor House. It has a net worth of $11 billion and more than 36,000 acres of real estate, according to its website. "Non-compliance of the orders passed by this Court shakes the very foundation of our judicial system and undermines the rule of law," the court said, ordering that Roy and two other directors be held until the next hearing on March 11. The court said the next appearance could be brought forward if an acceptable proposal is offered. Sahara did not have immediate comment after the hearing. Roy is prone to public shows of patriotism and full-page newspaper ads defending Sahara against the authorities. He is often photographed with Bollywood stars and cricketers. He was driven the roughly 500 km from Lucknow to appear on Tuesday at the court in New Delhi. When Roy arrived, a man threw ink on his face and was taken away by police. The Securities and Exchange Board of India (SEBI) brought contempt proceedings against Sahara for failure to comply with a 2012 court order to repay billions of dollars to investors. Sahara has said it repaid most investors and that its remaining liability was less than the 51.2 billion rupees it deposited with SEBI, according to Reuter.