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The Supreme Court has issued a non-bailable warrant for Sahara Group chief Subrata Roy, effectively ordering an arrest. The Court had warned him that, on February 20, the three directors should physically appear in court on Wednesday (February 27). The Court had said, “We cannot keep begging you for payment of the money. If they (Sahara Group) don’t want to pay the money, then they can go to some other place.”
The SC was referring to “jail” as some other place, and the money the court referred to was the Rs 24,000 crore that Roy was ordered to repay 19 months ago. Roy has failed to do either of the two – appear at the court or pay the money – which means that his arrest is imminent. However, it is not all over for Roy if he voluntarily turns up by March 4 and seeks the Court’s pardon.
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Roy owned the now defunct Indian Premier League franchise Pune Warriors, which was dissolved after the completion of IPL 6, as the Pune Warriors failed to pay the money they had promised as a part of the franchise agreement to the Board of Control for Cricket in India (BCCI).
The verdict was delivered by a bench comprising of two judges, Justice KS Radhakrishnan and Justice JS Khehar.
The following were established,
- Two Sahara companies, Sahara India Real Estate Corporation and Sahara Housing Investment Corporation, had illegally raised humongous amounts of money from the public through OFCDs by calling it private placement.
- The order also suggested that Sahara’s investors may not all be bona fide. Subsequent efforts by Sebi to get lists of genuine investors have proved the point that a significant number of Sahara’s investors did not exist.
- The court ordered the two companies to repay an amount of over Rs 24,000 crore to Sebi within 90 days (i.e. 30 November 2012). The regulator will then distribute the money to bonafide investors after verifying their antecedents.
- To ensure compliance, the Supreme Court asked Justice BN Agarwal, a former Supreme Court judge, to assist Sebi and oversee the implementation of its orders.
