Sahara Group Chief Subrata Roy to be arrested soon?

Mumbai, March 15: Will Sahara Group chief Subrata Roy be arrested soon in near future? Securities and Exchange Board of India (SEBI), the market regulator, moved the Supreme Court seeking stringent actions against Mr Roy.

SEBI filed a petition which also seeks that Mr Roy along with his few other associates be prevented from travelling abroad. According to source, the apex court will hear SEBI's petition in April 2013.

Lawyer of SEBI, Pratap Venugopal requested the court to take up this petition at an early date. The petition seeks permission for SEBI "to take measures for arrest and detention in civil prison of promoter of Sahara Shri Subrata Roy Sahara and the two male directors, viz., Shri Ashok Roy Choudhary and Shri Ravi Shankar Dubey after giving reasonable opportunity of hearing."

According to a report on NDTV, SEBI and unlisted Sahara have been locked in a long-running dispute relating to a Supreme Court order asking the Sahara group to refund more than Rs 24,000 crore of investors' money raised by two group firms through the issue of bonds. Sebi had been asked to facilitate the refund.

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