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Sahara chief Subrata Roy is to be arrested

SubrotoRoy-Pardaphash-72459New Delhi: Sahara chief Subrata Roy was issued a non-bailable warrant by the Supreme Court on Wednesday, for defying its summons and failing to appear before the court. The police was asked by the apex court to produce him before it on March 4 at 2pm. The SC had on Tuesday dismissed the Sahara chief ‘s plea to grant him exemption from personal appearance, saying it had lost faith in the company. Roy and three other directors of the company were scheduled to appear in court at 2pm on Wednesday. The court had on February 20 ordered personal appearance of Roy and the three directors after market regulator Sebi said the company had failed to pay Rs. 20,000 crore to its investors.
The SC has already restrained Roy and the directors from travelling abroad until the company furnishes the documents pertaining to the source of money it claims to have repaid investors with.
The SC had in August 2012 ordered Sahara to refund Rs. 24,000 crore to millions of small investors after declaring the group’s two financial schemes illegal.

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