The Supreme Court on Tuesday refused the plea of Sahara Group chief Subrata Roy seeking exemption from personal appearance before it in connection with the failure of his companies to refund Rs. 20,000 crore to investors.
Mr. Roy’s plea was mentioned before a bench comprising justices K. S. Radhakrishnan and J. S. Khehar which said he has to appear on Wednesday.
Senior advocate Ram Jethmalani, appearing for Mr. Roy, submitted that he will make the payment and he may be distanced with personal appearance in the court. However, the bench said Mr. Roy has not complied with its order and that is why he was summoned.
The bench had on February 20, 2014 come down heavily on the Sahara group for not refunding Rs. 20,000 crore of investors money despite its order and summoned Subrata 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 on Wednesday.
The court had earlier allowed SEBI to go ahead with the sale of properties of the group whose sale deeds were handed over to the market regulator to recover Rs. 20,000 crore.