The Supreme Court ruled Wednesday that the 65-year-old Mr. Roy be arrested and presented before the court on March 4. The court was not happy that Mr Roy had failed to show up in court that day for a hearing of the case in which the Sahara Group is accused of failing to comply with a 2012 court order to return money to its bond investors. Mr. Roy turned himself in on Friday after police failed to find him at his sprawling home in the northern city of Lucknow on Thursday.
Mr. Roy’s group is one of the few big businesses in Lucknow, and has interests in real estate and media and even owns a Formula One team. It is best known for sponsoring India’s national cricket team. Sahara Group employs 1.2 million workers and has tens of millions of investors, according to the company.
In 2012, the Supreme Court ruled that a sale of bonds by two Sahara companies violated India’s securities laws, and that the company repay around 174 billion rupees ($2.8 billion) to these investors via the Securities and Exchange Board of India. While Sahara says it has already paid investors directly, SEBI does not agree.