The Supreme Court  issued a non-bailable warrant today, against Sahara chief Subrata Roy for defying its summons in connection with a long-running case involving his alleged failure to refund investors’ money, which was taken up by market regulator Sebi.

The arrest warrant comes a day after the top court rejected Mr Roy’s plea for exemption from personal appearance.

Mr Roy and three other Sahara directors had been summoned over the non-refund of Rs. 19,000 crore by two Sahara companies to millions of investors. Securities and Exchange Board of India (Sebi) said the funds were raised illegally and the Supreme Court in August 2012 had ordered Sahara to refund the money raised from investors with interest.

Sahara has maintained that it had deposited nearly Rs. 5,000 crore with Sebi and refunded the rest of money to investors, a claim rejected by the regulator. 

The Supreme Court had asked Sahara to produce documents pertaining to the source of money it claims to have repaid investors.

The top court had also asked Sahara to deposit the original title deeds of properties worth Rs. 20,000 crore with Sebi as a guarantee towards the payment of investors’ money. Sahara has been restrained from selling any property.

Directing the police to produce Mr Roy on March 4, the top court said, “The arms of this court are very long. Yesterday you made a similar request. We declined. Today you are making the same request. When other directors have appeared, why can’t he?”