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  4. Supreme Court extends Subrata Roy’s interim parole, directs him to deposit Rs 600 cr before Feb 6

Supreme Court extends Subrata Roy’s interim parole, directs him to deposit Rs 600 cr before Feb 6

Currently reading: Supreme Court extends Subrata Roy’s interim parole, directs him to deposit Rs 600 cr before Feb 6
India TV Business Desk, New Delhi [Published on:28 Nov 2016, 16:40:05]

The Supreme Court today extended the interim parole of Sahara chief Subrata Roy and directed him to deposit Rs 600 crore before till February 6, 2017. 

The apex court said the amount must be deposited February 6 if the Sahara Chief wishes to remain out of jail. 

His parole was extended on October 21 after Rs 200 crore was deposited by the Sahara Group. 

The top court has also asked the Securities and Exchange Board of India (SEBI) and amicus curiae Shekhar Naphade to respond to the fresh repayment plan submitted in court by Roy. 

Roy was granted parole on May 6 this year to attend the last rites of his mother who had passed away on May 5. Besides Roy, his son-in-law Ashok Roy Choudhary too was released on parole.

Sahara Director Ravi Shankar Dubey was released on parole on July 11.

Subrata Roy, Ashok Roy Choudhary and Ravi Shankar Dubey were sent to judicial custody to Tihar Jail on March 4, 2014, for the failure of the Sahara Group's two companies – Sahara India real estate corporation (SIRECL) and Sahara Housing Investment Corporation Ltd. (SHICL) – to comply with court's August 31, 2012, order on repayment of depositors' money.

The apex court had directed the SIRECL and SHICL through its August 31, 2012, order to return investors' Rs 17,600 crore with 15 per cent interest that the two Sahara entities had collected through OFCDs.

The amount, according to Securities and Exchange Board of India (SEBI) counsel, now stands at Rs 36,000 crore.

Supreme Court, Subrata Roy, Sahara, SEBI- India Tv
Interim parole of Sahara chief Subrata Roy was today extended to Feb 6