SC directs Sahara chief Subrata Roy to appear on Feb 28

SC directs Sahara chief Subrata Roy to appear on Feb 28

Sahara group chief Subrata Roy. PTI file photo.

The Supreme Court on Thursday directed Sahara group head Subrata Roy to appear before it on February 28 to face the course of law for having failed to refund about Rs 25,000 crore to investors.

A bench of Chief Justice Ranjan Gogoi and Justices A K Sikri and Sanjay Kishan Kaul noted that the group had failed to pay up the entire amount despite various opportunities given to it.

The court declined to give any further chance to the group head and its directors and decided to issue summons against them to enable the law to take its own course.

Roy, two other directors Ravi Shankar Dubey and Ashok Roy Choudhary were earlier arrested for failure of the group's two companies Sahara India Real Estate Corporation (SIRECL) and Sahara Housing Investment Corp Ltd (SHICL) to comply with the court's August 31, 2012 order to return Rs 24,000 crore to their investors.

Roy, who spent almost two years in jail, has been on parole since May 6, 2017. The parole was granted the first time to enable him to attend the funeral of his mother but it has been extended since then.

The court had earlier directed the group to sell its properties to deposit the sum to the Sahara-Sebi account.