Sahara Chief Subrata Roy has been issued a non bailable arrest warrant by the Supreme Court as he has been evading to appear before the court after being given several chances. The rise of Sahara has been meteoric yet suspicious always. In 2008 itself, Sahara was asked to stop collecting funds for m public, but Sahara went on doing the same, albeit from a different route, through what is known as an Optionally Fully Convertible Debentures (OFCD). After collecting over 40,000 crores from these unsecure deposits from public, it went on a public issue for more funds.
This is where the SEBI started investigating it’s financial irregularities. SEBI Chairman KM Abraham investigated several issues and declared his findings in 2011. Sahara went to Securities Appellate Tribunal over SEBI orders. Even SAT upheld the findings of SEBI, then Sahara went to Supreme Court, which after due process, in 2012 ordered Sahara to deposit 20,000 crores to be returned to public. Sahara failed to so. SC ordered Subrata Roy to come to court and explain. Sahara and Subrata kept on avoiding coming to the court and today finally the highest court had to order NBW against Subrata Roy.
Whatever the legal proceedings from here on, Subrata Roy’s name and company are hard to come back from here.