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Mumbai court cancels non-bailable warrant against Sahara’s chief

Picture Courtesy: Hindustan Times

Mumbai: The court has dropped the non-bailable warrant against Sahara’s chief Subrata Roy on Friday, according to a report by HT.

The special SEBI court’s warrant was issued against him along with three other directors of Sahara group. Roy summoned before the court after failing to appear. The court had asked Roy to appear before the court whenever they are asked to.

The company was accused of issuing full-convertible debentures to public in 2009, which is a violation of SEBI act policies. According to which a person can face an imprisonment up to 10 years or a fine of 25 crores.

According to the section 24 SEBI act, if a company has to collect a deposit from more than 50 people, it has to collect money through recognised stock exchange without listing any shares.