The Delhi high court on Tuesday stayed the bailable warrant against Subrato Roy, chairman of Sahara India Group, issued by the trial court, for allegedly duping 25,000 investors to the tune of Rs250 crore in a proposed housing project by his company.
Justice Ajit Bharihoke said the proceedings and the execution of the warrants against Roy and four other company officials would remain stayed till May 10, the next date of hearing.
Earlier, the court of chief metropolitan magistrate had directed the Delhi police to execute the warrant against Roy and others by February 9.
The warrant was issued on a complaint filed by Neeraj Pandey, who has alleged that the company has not started the housing project despite getting a payment of Rs1 lakh in 2003.
He has alleged that the company had launched the scheme Sahara Swarn Yojna for developing 217 townships all over the country, including near Lucknow and in Maharashtra, Karnataka, Tamil Nadu and the Delhi national capital region (NCR).
Pandey, who filed the complaint, has claimed that the company collected Rs1 lakh each from 25,000 people from the NCR region but the project has not taken off till date.
The court, after hearing the contention, said there was enough prima facie evidence to take action against Roy and other company officials for offences punishable under various sections of the Indian penal code (IPC) .