Subrata Roy apologises to SC, seeks warrant to be put on hold

Sahara Group chief Subrata Roy Thursday tendered an "unconditional apology" to the Supreme Court for not appearing before it Wednesday and urged the court to recall its order issuing a non-bailable arrest warrant against him.

Roy said in his application that his non-appearance before the court was neither intentional nor deliberate, and urged the court to recall the non-bailable arrest warrant.

He said the non-recall of the non-bailable arrest warrant shall cause grave prejudice as well as cause irreparable loss and injury to him.

Roy said in the absence of the non-recall of the order, he would not be able to be with his ailing mother.

The apex court Feb 26 issued a non-bailable arrest warrant against Roy for failing to appear before it in person as directed by the court in its Feb 20 hearing.

Taking serious view of Roy's non-appearance, the court said: "The arm of this court is very long. We will issue warrants. This is the Supreme Court of the land. When other directors are here, why can't he be here?"

While issuing the warrant, the court said he should be arrested and presented before the court March 4.

While Roy did not appear before the court on the grounds of the serious condition of his 92-year-old mother, the other three directors of Sahara Group's two companies SIRECL and SHICL - Ashok Roy Choudhary, Ravi Shankar Dubey and Vandana Bhargava - complied with the court order.

The Supreme Court had directed the presence of Roy and the three directors of the Sahara India Real Estate Corporation Limited (SIRECL) and Sahara Housing Investment Corporation Limited (SHICL) following the failure of these companies to submit to market regulator SEBI title deeds of its unencumbered properties to secure the balance of Rs.19,000 crore of Rs.24,000 crore it had collected through Optionally Fully Convertible Debenture (OFCD).

The Sahara companies had deposited Rs.5,120 crore with the SEBI in December 2012.

The matter was listed for further hearing March 4.