Supreme Court rejects exemption plea, Subrata Roy to appear tomorrow

SC did not agree with counsel's submission that Roy be granted exemption from personal appearance.

New Delhi | Published:February 25, 2014 6:49 pm
Supreme Court made it clear that "rule of law" has to be maintained. Supreme Court made it clear that “rule of law” has to be maintained.

Sahara Chief Subrata Roy will have to appear on Wednesday in the Supreme Court in connection with the failure of his companies to refund Rs 20,000 crore to investors as his last ditch effort to get exemption from personal appearance in the apex court was on Tuesday rejected.

A bench of justices K S Radhakrishnan and J S Khehar 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.

The bench did not agree with Sahara Chief’s counsel Ram Jethmalani’s submission that he be granted exemption from personal appearance and he will make payment as per the directions.

When Jethmalani mentioned the matter, the bench said the rule of law should prevail and court’s order should be implemented in letter and spirit.

The bench had on February 20 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 tomorrow.

During the hearing, the bench had observed that SEBI could go ahead with the sale of properties of the group whose sale deeds were handed over to the market regulator to recover Rs 20,000 crore.

“Those properties you can sell. We allow you to sell them and recover the money. If they are encumbered properties then you can file criminal case against the company. The case must be brought to a logical conclusion,” the bench had said.

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  1. S
    sonia
    Feb 27, 2014 at 6:51 am
    I wonder why the judiciary, after giving Sahara (like it gave Unitech) such a long leash to dupe investors of their savings over many years has, on the eve of general elections, suddenly decided to tighten that leash. Why hasn’t Minister for External Affairs come to Sahara CMD's defence with his famous mantra, ‘If you lock up top businessmen, will investment come?’ as he did in the case of MD of Unitech? And why didn’t now-‘autonomous’ CBI(after a back-door chat with P. C.) give Sahara a clean as it did in the case of the wheeling-dealing lobbyist for the Tata-Unitech-Reliance trio? Is it because the CMD of Sahara (unlike the CMD of Unitech)does not share his hometown with the consuency of Minister forCommerce-turned-Minister for Law and Justice-turned-Minister for External Affairs? Is it because Sahara is funding the elections of a Congress opponent? Is it because CMD of Sahara is not on thehotline with Chief of CBI as Unitech's MD is? Is it because Sahara,unlike Unitech-Tata-Reliance ‘trilochana’, has a different lobbyist to theirs, and ‘maamajis’ and godmothers in not EVERY position of governance and justice? Or is it because Sahara Parivaar itself poses a threat to the anic Congress Parivaar?From whichever angle the long-suffering aam aadmi/consumerviews the hopeless situation, his biggest enemy has always been ‘parivaars’ with foreign investment (or call them ‘nexuses’ if you will, like Vohra Committee Report does). A survey of the last few decades reveals that the welfare of these ‘parivaars’ is inversely proportionate to that of the consumer/aam aadmi’s. Grievance redressal forums and consumer courts were set up, not to deliver justice to the common man/the consumer but, rather, to frustrate his efforts and make him cave in to compromise and extortion by ‘The Family’ to enable the latter to thrive. Parivaars (across political parties) serve the interests of their family members’ alone (extending beyond India’s ss), not those of the nation or its people – as we have seen over far too many years. Let us not lose sight of that when we go to cast our votes.
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