SEBI-Sahara Case: SC directs Subrata Roy to be present on next date of hearing

The Supreme Court today directed Subrata Roy, chief of the Sahara group, to be personally present in the Court on the next date of hearing in the dispute between Sahara and market regulator, Securities and Exchange Board of India (SEBI)..The matter relates to the non-repayment of money amounting to Rs 25, 700 Crores by the Sahara group..When the case was taken up for hearing today by a Bench of Chief Justice of India Ranjan Gogoi and Justices AK Sikri and Sanjay Kishan Kaul, the Court noted that the case has been going on for years but the order to repay investor money has not been complied with till now..The Bench noted that nothing substantial was done by the contemnor even after a period of two years..Senior Counsel Vikas Singh appearing for Roy told the Court that an amount of Rs. 50 crores was spent on digitisation of records which is imperative for the process of verification by Securities and Exchange Board of India (SEBI). The Court was also apprised that a sum of Rs 15,000 Crores has been deposited out of the total amount of Rs 25,700 Crores..CJI Gogoi, however, observed that Roy and other Directors had not complied with the Court’s order to deposit a sum of Rs. 55 Crores passed six months ago..“If you are not able to comply the orders of this Court, then the Law will take its own course“, CJI Gogoi said..The Bench proceeded to direct personal appearance of Subrata Roy and other Directors in the Court on February 28, given the non-compliance of Court orders.