SEBI court quashes non bailable warrant against Sahara chief Subrata Roy

The next hearing in this matter will take place on May 18th when the argument on framing of charges will begin.

By: Express Web Desk | New Delhi | Updated: April 21, 2017 4:55 pm
sahara, subrata roy, sahara case, sahara money case, money laundering, sabrata roy warrant, SEBI, sebi court, indian express news, india news, business news Sahara chief Subrata Roy on Friday. (Source: Twitter/ANI_news)

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.

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First Published on: April 21, 2017 3:39 pm
  1. R
    Raman Ravi
    Apr 21, 2017 at 9:50 pm
    Subramanium Roy is facing problem as because he is a Bengali businessman. Adani, Ambani's have committed crimes much more serious but Modi is not arresting as because they're Gujarati.
    Reply
    1. S
      Suhas
      Apr 21, 2017 at 5:45 pm
      It is strange that a lower court has cancelled the warrant issued by highest court of our country - which only goes to show that everything in our judicial process is amenable for those with muscle and money power, only the common man has to bear the brunt of court ruling(s) and very many times languish behind the bars since he can't afford the fees of influential lawyers. This the travesty of justice in our country after 7 decades of independence.
      Reply
      1. M
        mukul dutta
        Apr 22, 2017 at 12:25 am
        because of lower court has realised that all drama are going by the order of modi with the help of sebi. not to refund any public money jist collect money from roy. same as sarada case of w.b. by cbi. no real work done just politics from 2012 sal. no et no refund even order of h.court.
        Reply
      2. G
        Guru
        Apr 21, 2017 at 5:28 pm
        SEBI court can overrule the SC? 😂
        Reply
        1. S
          sanjiv
          Apr 21, 2017 at 4:59 pm
          Who are the ghost investors whose money this company is not returning. It is a mystery. Why no investigative journalist picking on this story?
          Reply