Indian court orders arrest of key business leader who failed to refund $3 billion to investors

Published: February 26, 2014

India’s Sahara group’s chairman Subrata Roy (C), surrounded by bodyguards, leaves the Securities and Exchange Board of India (SEBI) head office in Mumbai on April 10, 2013. PUNIT PARANJPE/AFP/Getty Images

THE ASSOCIATED PRESS

NEW DELHI — India’s Supreme Court has issued arrest warrants for a key Indian business leader for failing to attend a hearing in a case relating to the refund of 200 billion rupees ($3.2 billion) to investors.

The court order asked police to produce Sahara India chief Subrata Roy next week after he defied its directive to appear in court Wednesday.

The Indian market regulator has accused Roy’s group of raising the funds through bonds that were later found to be illegal. Sahara India says its liability was much less and that it has deposited an adequate amount with the regulator.

Sahara India has business interests in real estate, media, entertainment, tourism, health care and hospitality.

06:51ET 26-02-14

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