February 28, 2014 / 5:41 AM / 4 years ago

Head of India's Sahara surrenders to police after arrest warrant

NEW DELHI, Feb 28 (Reuters) - The chairman of India’s unlisted Sahara conglomerate, Subrata Roy, turned himself in to police on Friday, his lawyer told the Supreme Court, two days after the court had ordered his arrest for failing to appear at a contempt hearing.

Also on Friday, the court refused to hear Roy’s request that the warrant against him be cancelled. The matter will be heard on March 4.

Sahara has been locked in a battle with India’s securities regulator, which accuses it of failing to comply with a 2012 court order to repay billions of dollars to investors in a bond scheme that was later ruled to be illegal. (Reporting by Suchitra Mohanty; Writing by Tony Munroe; Editing by Christopher Cushing)

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