On Friday, a special Securities and Exchange Board of India (SEBI) court disallowed a non-bailable warrant issued against Sahara chief Subrata Roy as he appeared before the court.
The warrant was also crushed on conditions that Roy will appear in all hearings from now. The court also asked him to submit an undertaking for the same. The next hearing is scheduled on May 18 when framing of charges will begin.
On Monday, the Apex Court ordered the auction of Sahara Aamby Valley which is worth approximately Rs 40,000 crore due to their alleged failure to deposit money for refunding to its investors.The order was intended to force Sahara and group chief Roy to deposit with Sebi the remaining Rs 14,779 crore it owes investors.
Roy was warned by the court on not submitting over Rs 5,000 crore by his business group (Sahara) and also issued an ultimatum that non-compliance of its order will leave Roy in massive trouble. Earlier, Supreme Court rejected Sahara’s plea seeking more time to deposit the money with SEBI. Notably, the SEBI counsel told the SC on Monday that along with interest, the total amount due from the group as per the apex court’s order was Rs 47,000 crore, of which it had deposited a little over Rs 11,000 crore.