The Supreme Court on Tuesday dismissed Sahara chief Subrata Roy’s plea to grant him exemption from personal appearance, saying it had lost faith in the company. Roy and three other directors of the company are scheduled to appear in court at 2 pm on Wednesday.
Senior advocate Ram Jethmalani mentioned the matter before a bench headed by Justice KS Radhakrishnan, which said: “We have lost faith in you. You come to court and we know where to send you.” The court had on February 20 ordered personal appearance of Roy and the three directors after market regulator Sebi said the company had failed to pay Rs. 20,000 crore to its investors.
The SC has already restrained Roy and the directors from travelling abroad until the company furnishes the documents pertaining to the source of money it claims to have repaid investors with.
The SC had in August 2012 ordered Sahara to refund Rs. 24,000 crore to millions of small investors after declaring the group’s two financial schemes illegal.