The Supreme Court on Friday refused to hear Sahara chief Subrata Roy’s application for recall of the non-bailable warrant issued on February 26 in a contempt of court petition relating to non-refund of Rs. 19,000 crore deposits to investors.
Senior counsel Ram Jethmalani, appearing for Mr. Roy, told a Bench of Justices K.S. Radhakrishnan and Vikramajit Sen that the petitioner had already surrendered before the police in Lucknow and that he had been taken into custody. Counsel pleaded that the Bench of Justices Radhakrishnan and J.S. Khehar, which passed the order, might sit briefly to hear the application to recall the NBW.
Justice Radhakrishnan, however, told counsel that it was not possible for the Special Bench to assemble on Friday at 2 p.m., as he was sitting in a different combination. The judge said the matter could be heard only on March 4. Again at 1 pm, senior counsel Ravi Shankar Prasad pleaded for an urgent hearing of the application, pointing out that the arrest memo was being produced. Justice Radhakrishnan, however, declined to hear the application.
Mr. Roy, in his application filed on Thursday while offering an unconditional apology for not appearing on February 26, said he would present himself before the court as he had always upheld the dignity and majesty of law.
In a statement, Sahara denied media reports that it has to pay Rs. 20,000 crore. It said “the fact is, the company has repaid all the liabilities of the OFCD except around Rs. 2,000 crore. The company has given SEBI all original payment vouchers, receipts and all other documents containing all details of esteemed investors [more than 100 truck loads].”
