Sahara chief Subrata Roy arrested in Lucknow

SC declines early hearing, Roy to remain in custody till hearing on 4 March

Sahara Chief Subrata Roy was arrested in Lucknow today, two days after a non-bailable warrant was issued against him by the Supreme Court for his failure to appear before it in a case of non-refund of Rs 20,000 crore to investors.

Capping a day of dramatic developments, 65-year old Roy surrendered before police this morning.

"Roy has been arrested and will be produced in court later today," SP Trans-Gomti Habibul Hasan said.

Senior advocate Ram Jethmalani earlier told a Supreme Court (SC) bench headed by Justice K S Radhakrishnan that Roy is in police custody in Lucknow and pleaded for recall of the non-bailable arrest warrant issued on February 26.

He submitted that the special bench, which is hearing the case, should take up the application today itself. But, his plea was turned down as the judge said it is not possible for the special bench to assemble today. This means that the Sahara chief will stay in custody till the hearing on March 4.

The day started with Subrata Roy issuing a signed two-page statement, claiming he was not absconding and was ready to "unconditionally follow" Supreme Court's direction.

Minutes after his arrest in Lucknow, son Seemanto addressed a hurriedly called press conference in Delhi and said his father was cooperating with the authorities and he had wilfully submitted before the police.

Seemanto also said that the arrest would not impact the business of the group, which claims to have a networth of over Rs 68,000 crore with lakhs of employees.  

Roy in the statement tried to explain his non-appearance before the apex court on the ground that he had gone out of Sahara Shaher to consult a panel of doctors and also to meet a lawyer. The police had gone to his home yesterday to arrest him but failed to find him there.

Roy also appealed to the Supreme Court to allow him to be with his 92-year-old "ailing mother under house arrest till March 3, 2014", while adding that he was ready to reach Delhi even today, if court wants him to do so.

Issuing a non-bailable warrant against Roy, the Supreme Court on February 26 had asked the police to arrest him and present before the court on March 4.

Moving the apex court yesterday, Roy had admitted that he had "erred" by his non-appearance under a bonafide belief that the court will permit him exemption from personal appearance for one day.

The court had on February 20 come down heavily on the Sahara group for not refunding Rs 20,000 crore of investors money despite its order and had summoned Roy, Ravi Shankar Dubey, Ashok Roy Choudhary and Vandana Bhargava, directors of its firms Sahara India Real Estate Corp Ltd (SIREC) and Sahara India Housing Investment Corp Ltd (SHIC) to be personally present before it.