New Delhi, February 26
The Supreme Court today issued a non-bailable arrest warrant against Sahara chief Subrata Roy and directed that he be produced in court on March 4 as he failed to appear before it today.

The apex court was hearing a contempt case against Roy and three directors of his companies for their failure to comply with the SC order for returning about Rs 20,000 crore to investors through market-regulator SEBI. A Bench comprising Justices KS Radhakrishnan and JS Khehar rejected the contention of Roy’s senior counsel Ram Jethmalani that “no harsh action is required” as he was unable to come to the court today as his 92-year-old mother was seriously ill and “dying”.

The Bench pointed out that only yesterday it had rejected Roy’s plea for exemption from personal appearance in the court. “Tell your client that the arm of the Supreme Court is very long,” it said. Jethmalani said he had no doubt about the court’s power, but what was required at this stage was compassion. Quoting a former Supreme Court judge of the United States, the senior advocate said SC decisions were right only because these were final.

The Bench, however, said it had been lenient with Roy ever since its August 2012 judgment directing the Sahara Group to refund about Rs 25,000 crore, of which it had given only about Rs 5,120 crore to SEBI so far.

“Do we have to be at his mercy? We are not inclined,” it remarked. The apex court noted that the three directors -- Ravi Shankar Dubey, Ashok Roy Choudhary and Vandana Bhargava -- who had been summoned along with Roy were presented in the court today, but not the Sahara chief.