Supreme Court issued a non-bailable warrant against Sahara Group chief Subrata Roy on Wednesday after he failed to keep a date with a personal presence as demanded by the top judiciary. The development is linked to the case related to refund of dues of investors in group’s two realty companies.
After the hearing today, a Sahara group lawyer said, "There will not be an immediate arrest. The warrant is to ensure that he is present in court on March 4. If he refuses to come, then he may be forced."
The court rejected Roy's plea seeking exemption from appearance. Ram Jethmalani, Sahara’s counsel, told the court that his mother is on the death bed and he is required to be by her side holding her hand.
Last week, the court had ordered that Roy and three directors of the two Sahara real estate companies should come to the court to explain the delay in refunding the dues. The amounts were collected from the public through bonds. The judges are hearing a contempt petition moved by SEBI alleging that orders of the court have been flouted continuously for one-and-a-half years.
During the hearing, the bench had observed that SEBI could go ahead with the sale of properties of the group whose sale deeds were handed over to the market regulator to recover Rs 20,000 crore.
The apex court in its judgment of August 31, 2012 had directed SEBI to attach properties and recover the money.
(Edited by Joby Puthuparampil Johnson)