Non-bailable arrest warrant issued against Sahara Chief Subrata Roy

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Subrata roy-warrentThe Supreme Court has issued arrest warrant against Sahara chief Subrata Roy for not appearing in the court today. The top court had yesterday rejected Mr Roy’s plea for exemption from personal appearance.

The Supreme Court had summoned Mr Roy and three directors over the non-refund of Rs. 19,000 crore by two Sahara companies to millions of investors. “We have lost faith in you. You come to court and we know where to send you,” the top court had said on Thursday while asking the top Sahara executives to appear in court.

Earlier, the Supreme Court had barred Mr Roy from travelling abroad.

Sebi and Sahara are locked in a long-running legal tussle over the refund of Rs. 24,000 crore by its two companies. Sebi says the funds were raised illegally and the Supreme Court in August 2012 had ordered Sahara to refund the money raised from investors with interest.

Sahara said it had deposited nearly Rs. 5,000 crore with Sebi and refunded the rest of money to investors, a claim rejected by Sebi. The Supreme Court had asked Sahara to produce documents pertaining to the source of money it claims to have repaid investors.

The top court had also asked Sahara to deposit the original title deeds of properties worth Rs. 20,000 crore with Sebi as a guarantee towards the payment of investors’ money. Sahara was also restrained from selling any property.

SRC:NDTV