Thursday, Oct 23, 2014

SC summons Sahara chief Subrata Roy over refund of money to investors

SC sought personal presence of Roy in the court on February 26. SC sought personal presence of Roy in the court on February 26.
Written by Utkarsh Anand | New Delhi | Posted: February 20, 2014 5:21 pm

Incensed over Sahara’s persistent defiance of its order on refund of money to investors, the Supreme Court on Thursday summoned Sahara chief Subrata Roy and other directors to the court for explanation.

A bench of Justices K S Radhakrishnan and J S Khehar sought their personal presence in the court on February 26, rejecting their counsel’s plea to exempt them for one last chance.

“This has been happening for last two years. You have never complied with our orders and we know you will not. Let all alleged contemnors remain present before us now. They must know what is happening in court,” said the bench.

The court, irate over ever changing stands of the group over the timing and manner of re-payment of money raised illegally through debentures, said that the matter must move now. The court was hearing Sebi’s contempt plea against Sahara and its directors for not complying with the court’s 2012 order on refunding Rs 24,000 crore to investors.

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