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The Supreme Court on Friday stayed the Patna High Court's order which asked Sahara chief Subrata Roy to appear before the court physically.
A bench of Justices AM Khanwilkar and Justice JB Pardiwala order came on Sahara chief Subrata Roy's plea against the Patna High Court's order that asked him to be personally present before it. The Court also issued notice on his plea and listed the matter for further hearing on May 19. Patna High Court had earlier asked Subrata Roy to appear and explain its plan for the return on the investment of the investors. Earlier the Securities and Exchange Board of India (SEBI) also made a complaint to the apex court and sought contempt proceedings against the Sahara group for obstructing the auctioning process, initiated under the court's direction. Subrata Roy had been in troubled waters after the group failed to return Rs 24,000 crore to its investors by August 31, 2012, as directed by the court. Roy, who is out on interim bail, has already spent two years in jail regarding the matter and the Sahara group is yet to return Rs 9,000 crore to the investors. (ANI)
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