New Delhi: Out of jail on parole since May 6 on account of the demise of his mother, Sahara Group chief Subrata Roy has now been given a parole extension till August 3, 2016 by the Supreme Court.
This relief to Roy has come with a condition though as the bench headed by Chief Justice T.S. Thakur had asked him to deposit Rs 300 crore by August 3.
On May 6, Roy and Ashok Roy Choudhary, his brother-in-law and a Sahara director, were granted two weeks’ parole by the top court to perform the last rites of his mother who passed away a day earlier.
As a condition for extending the parole, the court had asked Roy and Choudhary to file an undertaking to pay Rs 200 crore by July 11.
The Sahara chief was sent to jail on May 4, 2014, for his failure to comply with 2012 order directing him to return investor's Rs 17,600 crore with 15 per cent interest that his two companies Sahara India Real Estate Corp. Ltd. and Sahara Housing Finance Corp. Ltd. had raised through optionally fully convertible debentures (OFCD) in 2007 and 2008.
