Sahara chief Subrata Roy summoned by Supreme Court on February 28

The Supreme Court has directed Sahara group chief Subrata Roy to appear before it on February 28. The top court has summoned him for failing to deposit the rest of the money of 25,700 crore approximately in SEBI-Sahara case. However, it granted another opportunity to the Sahara chief to deposit the money with the SEBI Sahara account.

"Else the law will take its own course," the top court said. It said six months were given to Sahara by its last order to arrange the amount but what has transpired during the period has not inspired the confidence of the court.

Supreme Court today granted another opportunity to Sahara Group to deposit rest of the money of Rs 9,000 crore approximately with the SEBI Sahara account, else the law will take its own course. SC also sought personal presence of Subrata Roy on the next date of hearing- Feb 28 pic.twitter.com/vd9ZaLilAG

— ANI (@ANI) January 31, 2019

A bench headed by Chief Justice Ranjan Gogoi and comprising Justices A K Sikri and SK Kaul, noted that the group has deposited only Rs 15,000 crore.

The bench declined to give any further chance to Roy and other directors to comply with its previous orders.

It said it had decided to proceed with the matter so that the law takes its own course and directed Roy and other directors to appear before it personally on the next date of hearing. 

The Sahara chief is out on parole since May 6, 2017. The parole was granted the first time to enable him to attend the funeral of his mother. It has been extended since then. He spent almost two years in jail.

Besides Roy, two other directors -- Ravi Shankar Dubey and Ashok Roy Choudhary -- were 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 over Rs 24,000 crore to their investors.