In a major setback to Indian business tycoon, Indian Supreme Court has issued non bailable arrest warrant against Sahara group chief Subrata Roy.

New Delhi, Feb 26/Nationalturk – Indian Supreme Court Wednesday issued non bailable arrest warrant against country’s business tycoon and Sahara group chief Subrata Roy.

Sahara group chief Subrata Roy was scheduled to appear before the Supreme Court today over non-refund of Rs. 19,000 crore by two Sahara companies to millions of investors in the country.

Roy had yesterday approached the Apex Court seeking exemption from personal appearance in the court today. However, the court had rejected his plea and ordered him to appear before the court today.

” Roy’s mother is ill and as such he could not appear in the court as he was with his mother,” his lawyer told the court, which, however, rejected this plea.

‘The arms of court are very long’

Disturbed over non appearance of the Sahara chief in the court, Supreme Court said, “For last two years, we granted exemption to him from personal appearance but not now. The arms of this court are very long.”

The Apex Court issued non bailable warrant against Roy.  He has not appeared even today and we are issuing non bailable warrant returnable for March 4,” Supreme Court bench comprising justices K S Radhakrishnan and J S Khehar said.

The Apex Court has already barred Roy from travelling abroad.

SEBI, Sahara locked in legal tussle

Indian market regulator Securities and Exchange Board of India (SEBI) and Sahara are locked in legal tussle over refund of Rs. 24,000 crores (Indian currency) by its two companies.

The case relates to Sahara Housing Investment Corporation Ltd (SHICL) and Sahara India Real Estate Corp Ltd (SIRECL) raising more than Rs 24,000 from an estimated 3 crore investors through issuance of certain bonds between 2008 and 2009.

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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