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Sahara chief Subrata Roy moves Supreme Court for cancellation of arrest warrant

Subrata-RoyWith the police at his doorstep, Sahara chief Subrata Roy on Thursday moved the Supreme Court against its arrest warrant against him for defying summons and promised to appear in court on March 4.

A police team arrived at Mr. Roy’s house in Lucknow, saying it would comply with the Supreme Court’s order to arrest him and produce him on March 4.

The Sahara chief faces an arrest warrant for failing to appear in court in connection with a long-running case involving his alleged failure to refund investors’ money, which was taken up by market regulator Sebi.

The warrant came a day after the top court rejected Mr. Roy’s plea for exemption from personal appearance, saying he had enjoyed this reprieve for two years. In his last plea, Mr. Roy said his mother is ill and he had to be with her.

The Supreme Court said, “The arms of this court are very long. Yesterday you made a similar request. We declined. Today you are making the same request. When other directors have appeared, why can’t he?”

In an earlier application, Mr. Roy had said, “If there is any doubt about what I have said about the condition of my mother, the Honourable Court may send someone to my place in Lucknow and the truth will be revealed. Nothing is more than mother.”

Mr. Roy and three other Sahara directors had been summoned for allegedly not refunding Rs. 19,000 crore by two Sahara companies to millions of investors. SEBI said the funds were raised illegally. The Supreme Court in August 2012 ordered Sahara to refund the money with interest.

Sahara has claimed that it had deposited nearly Rs. 5,000 crore with Sebi and refunded the rest of money to investors, a claim rejected by the regulator.

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

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