Sebi quashes non-bailable warrant against Subrata Roy on condition that he appears in court on all dates

A special SEBI court on Friday quashed a non-bailable warrant issued against disgraced Sahara chief Subrata Roy who appeared before the court.

As per reports in The Times of India, the court said it had taken an undertaking from Roy that it would cancel the warrant on condition that the businessman makes personal appearances before the court on all relevant hearing dates.

Arguments on framing of charges against Roy will be held on May 18, the court said.

Earlier in the week, the Supreme Court had dealt a severe blow to the Sahara Group by ordering the attachment of its prime Aamby Valley property near Lonavla, which is worth nearly Rs 40,000 crore. The order was intended to force Sahara and group chief Roy to deposit with Sebi the remaining Rs 14,779 crore it owes investors.

Sebi's counsel told the apex court that along with interest, the total amount due from the group as per the apex court's order was Rs 47,000 crore, of which it had deposited a little over Rs 11,000 crore.

The SC had in August 2012 ordered Sahara to repay over Rs 25,000 crore to investors by depositing the amount with market regulator Sebi after it found that two group companies - Sahara Real Estate and Sahara Housing - had illegally collected the sum from three crore investors. Sahara has so far deposited over Rs 11,000 crore, of which Rs 6,000 crore was paid after the apex court sent Roy and two directors to jail on March 4, 2014.