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SC rejects Subrata Roy's plea against appearance

IANS  |  New Delhi 

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.

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First Published: Tue, February 25 2014. 22:26 IST