Summary:
more-inMumbai: A Securities and Exchange Board of India (SEBI) court cancelled the non-bailable arrest warrant issued by it against Sahara chief Subrata Roy after he appeared before it in a case filed by the SEBI. According to the SEBI, the Sahara Group companies issued `Optional Fully Convertible Debentures’ in 2009 under the garb of private placement. This violated the SEBI Act because companies have to list such securities on the stock exchanges which they did not do. The court adjourned the matter to May 18 for framing of charges against the accused. Although the complaint did not specify the amount collected from investors, it is estimated that it worked out to around ?24,000 crore..