Supreme Court Of India(SC)Issues Non-Bailable Arrest Warrant against Sahara chief Subrata Roy Wednesday Feb 26,2014

The SC on Wednesday Feb 26,2014 issued a non-ballable warrant against Sahara chief Subrata Roy chief after he failed to appear in the court.

 On Tuesday Feb 25,2014 the SC had rejected his plea seeking exemption from personal appearance in a contempt case.

Note
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.

SEBI charged Sahara of having raised these funds illegally and restrained them in November 2010 from mobilising further funds. Subsequently, SEBI ordered refund of money through an order passed in June 2011

The matter later reached the Supreme Court, which passed an order on August 31, 2012 asking Sahara firms to deposit the money with SEBI for refund of investors' money

The SC had on November 21, 2013 barred Roy from leaving the country and also restrained the group from selling any of its properties

Earlier, the court had allowed SEBI to go ahead with the sale of Sahara properties.

The SC  had on February 20 came down heavily on the Sahara group for not refunding Rs 20,000 crore of investors money despite its order and summoned Roy to be personally present before it.

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