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Sebi court quashes non-bailable warrant against Sahara chief

SC on April 17 ordered auction of Sahara's Aamby Valley

ANI  |  New Delhi 

Subrata Roy
Subrata Roy, Founder and Chairman, Sahara India at Session Court in Mumbai (Photo: Kamlesh Pednekar)

A special Securities and Exchange Board of India (SEBI) court on Friday quashed a non-bailable issued against chief as he appeared before the court.

The was also quashed on grounds that Roy will appear in all hearings now as the court asked him to submit an undertaking for the same.

The next hearing in this matter will take place on May 18 when the argument on framing of charges will begin.

The Supreme Court on April 17 ordered the auction of Sahara's Aamby Valley over the business conglomerate's alleged failure to deposit money for refunding to its investors.

The top court ordered the selling of Rs 34,000 crore worth of properties and directed its chief to appear before it on April 28th.

Taking strong note of non- submission of over Rs 5,000 crore by the group, the apex court bench warned Roy from further toying with the court's order, and issued an ultimatum that non-compliance of its order will leave Roy in massive trouble.

Earlier, the apex court had refused to hear a fresh plea of Group seeking more time to deposit Rs. 5000 crore (approx.) with the

On March 21, the apex court had warned Sahara, saying it would auction Aamby Valley project if the latter fails to deposit the amount of Rs. 5000 crore (approx.)

The apex court had in its last hearing asked the Ghaziabad Development Authority to deposit Rs. 1,100 crore to the apex court registry for acquiring land from

Roy was sent to the Tihar Jail on March 4, 2014 for not complying with the apex court's orders in connection with a long dispute with the market regulator

alleged that Roy failed to comply with the apex court's order directing him to return the investors' money.

Sahara, once among India's high-profile firms, has in the past made several failed attempts to raise the bail money using its prized overseas hotels that include the Plaza in New York and Grosvenor House in London.

says it has paid more than 80 percent of the dues to share-holders, but has disputed that and said the company has not paid more than Rs. 10,000 crore.

First Published: Fri, April 21 2017. 17:42 IST