HindustanTimes Mon,29 Dec 2014

SC issues arrest warrant against Subrata Roy

Bhadra Sinha, Hindustan Times  New Delhi, February 26, 2014
First Published: 14:37 IST(26/2/2014) | Last Updated: 21:51 IST(26/2/2014)

The Supreme Court on Wednesday issued a non-bailable warrant against Sahara chief Subrata Roy after he failed to appear in connection with a case in which his company was directed to return Rs. 20,000 crore to investors.


Roy’s counsel Ram Jethmalani told the apex court that the Sahara chief could not come as he had to rush to Lucknow to see his ailing mother.

Jethmalani requested that more time be given to him for his appearance adding that he wasn't shying away from appearing before it.

The apex court rejected the submissions and said the same were dismissed by it on Tuesday when Jethmalani had sought Roy's exemption from personal appearance.

Read: Sahara chief told to appear in apex court today

Displeased over the development, justice KS Radhakrishnan said: "The arm of this court is very long. We will issue warrants. This is the Supreme Court of the land. When other directors are here, why cannot he be here?"

The SC directed that Roy should be produced before it on March 4 at 2pm.

The three company directors, who were scheduled to appear along with Roy, however appeared before the court.

The SC had on Tuesday said that it had lost faith in the company.

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.

Roy's Sahara empire extends from a stake in a Formula 1 racing team to a sprawling luxury township, and once included the iconic New York Plaza Hotel.

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.

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