Subrata Roy's exemption plea dismissed
Posted on Feb 25 2014 | IBNS
New Delhi, Feb 25 : The Supreme Court on Tuesday dismissed Sahara group head Subrata Roy's plea for exemption from personal appearance in the apex court.
Roy will need to appear in the Supreme Court on Wednesday.
The Supreme Court on Thursday summoned the Sahara group head Subrata Roy for his company's failure to "refund Rs 20,000 crore" raised from small investors.
The Supreme Court last Nov had barred Subrata Roy from leaving the country and also restrained it from selling any of its properties.
The bench of judges K S Radhakrishnan and J S Khehar also said that market regulator SEBI can sell the properties of the diversified conglomerate to recover the money.
Earlier, the court had directed Sahara to hand over the title deeds of its properties worth Rs 20,000 crore to the Securities and Exchange Board of India (SEBI).
Accusing Sahara Group of playing 'hide and seek', the Supreme Court on Oct 29 asked the group to hand over the title deeds of its properties worth Rs 20,000 crore to the SEBI.
Hearing contempt petitions filed by the SEBI for not complying with the Aug 31, 2012 directions on refund of deposits, the court had ruled that Sahara chief Subrata Roy cannot leave the country without the permission of the court.