Lucknow, Feb 28 IBNS | 8 months ago

Sahara Group chief Subrata Roy was sent to police custody till Mar 4 on Friday.

The Chief Judicial Magistrate court in Lucknow had earlier reserved its order on Roy, asking the media and others to leave court.

Roy had requested the court to place him under house arrest. The police had sought his transit remand.

Hours after Roy was arrested, his son and Sahara India Pariwar Executive Director Smanto R Roy on Friday said his father is cooperating with the police.

At a press conference on Friday, Smanto R Roy said: "At this moment, as we speak Saharasri Ji is with UP police and cooperating wholeheartedly with all the authorities in order to ensure the direction given by Hon'ble Supreme Court."

"On 28th Feb'14, in the early morning hours, as a law abiding citizen he willfully decides to submit himself to Lucknow police based on the warrant issued and asks them to proceed with their call of duty as per the directions given by Hon'ble Supreme Court," he said.

Smanto R Roy said his company has been "wrongly interpreted" in the Sahara-SEBI case.

"We are meeting at a time when our organization has been very wrongly interpreted and presented in public against the backdrop of the ongoing Sahara - Sebi case," he said.

Though Jethmalani wanted the Supreme Court to hear Roy's application for recalling his arrest warrant, the apex court ruled that the Sahara chief will have to be in police custody till Mar 3.

The SC was earlier scheduled to hear the matter on Mar 4.

Roy on Friday said he is not absconding.

In a media statement issued on Friday morning, Roy said: "I am not absconding. I am in Lucknow. With folded hands and all humility I ask the honourable judges to leave me under house arrest with my ailing mother."

The Uttar Pradesh Police on Thursday failed to arrest Roy as they could not locate him.

A police team on Thursday arrived at Roy's house in Lucknow city, saying it would comply with the Supreme Court's order to arrest him, but failed as he was not at home, media reports said.

The Supreme Court on Wednesday issued a non-bailable warrant against Roy and ordered his arrest for defying its summons to appear in court.

On Tuesday, the apex court dismissed Roy's plea for exemption from personal appearance before it.

Earlier, the Supreme Court had summoned Roy for his company's failure to "refund Rs 20,000 crore" raised from small investors.

The Supreme Court last November had barred 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.

(Posted on 28-02-2014)

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