Relief for Sahara chief Subrata Roy as court scraps non-bailable warrant against him
The businessman managed to convince the bench that he would attend hearings in the case and also gave an undertaking.
Sahara chief Subrata Roy got some legal relief on Friday as the non-bailable warrant against him was scrapped after he appeared before a special Securities and Exchange Board Of India court. The bench dropped the warrant after Roy assured the court that he would attend all hearings in the case related to recovering the money his companies owe to investors.
The court made him give an undertaking that he will be present for the hearings when the court starts entertaining arguments about framing of charges in the case. The court will take up the matter next on May 18, reported The Indian Express.
The warrant was issued against Roy by the Supreme Court in February. It was issued after the businessman failed to appear before the court despite summons. Three directors of two of his companies – Sahara India Real Estate Corp Ltd and Sahara India Housing Investment Corp Ltd –
were also summoned by the court. Roy had requested an exemption from appearing in the court, but the bench had rejected it, citing “rule of law”.
On February 6, the top court had also ordered attachment of Sahara’s Aamby Valley property to recover dues from the company. On April 17, the apex court ordered the auction of the property in Maharashtra after owner Sahara India Pariwar had failed to deposit money to refund its investors.
The court had extended Sahara chief Subrata Roy’s parole in February after a sum of Rs 600 crore was deposited with Sebi. The company had acknowledged that it owed Rs 14,000 crore as principal money to Sebi, but the top court had denied its offer to clear its dues by July 2019.
The Sahara group has been embroiled in a lengthy court battle with the market regulator over a case involving a Rs 24,000-crore refund to investors. The court said that it will focus on repayment of the principal amount before ensuring that the group repays the interest.