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A special SEBI court in Mumbai quashed a non bailable warrant issued against Sahara chief Subrata Roy as he appeared before the court on Friday. The warrant was also quashed on grounds that Roy will appear in all hearings now as the court asked him to submit an undertaking for the same. The next hearing in this matter will take place on May 18th when the argument on framing of charges will begin.
The Supreme Court had in February issued a non bailable arrest warrant against Roy for his failure to appear before it in connection with the case in which his two companies have been directed to refund Rs 20,000 crore to investors.
The court had come down heavily on the Sahara group for not refunding Rs 20,000 crore of investors money despite its order and summoned Roy, Ravi Shankar Dubey, Ashok Roy Choudhary and Vandana Bhargava, directors of its firms–Sahara India Real Estate Corp Ltd (SIREC) and Sahara India Housing Investment Corp Ltd (SHIC) to be personally present before it.
The court had rejected Roy’s plea seeking exemption from personal appearance. The bench had made it clear that “rule of law” has to be maintained and Roy has to comply with its February 20 order in which he along with three directors of his companies have been summoned to appear.