The Supreme Court Tuesday rejected a plea by Sahara group chief Subrata Roy seeking exemption from personal appearance in court Wednesday.
Roy and three other directors of two Sahara companies were asked to be personally present in the court Feb 26 for the failure of the Sahara companies to deposit with market regulator SEBI securities worth Rs.19,000 crore as guarantee to return investors money that it had collected.
A bench headed by Justice K.S. Radhakrishnan declined the plea, mentioned by senior counsel Ram Jethmalani.
The court said: "It involves not only the integrity of the Supreme Court but judges and lawyers involved in the matter. It is said the order of the Supreme Court is not being complied with. We may retire but we will ensure and make sure our orders are complied with."
The Supreme Court Feb 20 had asked Roy and three directors of Sahara India Real Estate Corporation Limited (SIRECL) and Sahara Housing Investment Corporation Limited (SHICL) Ashok Roy Choudhary, Ravi Shankar Dubey and Vandana Barghava - to be present in the court Feb 26.
Sahara has already deposited Rs. 5,120 crore in December 2012 to SEBI.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app