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Sahara Chief Subrato Roy parole extended

New Delhi: The Supreme Court has extended Sahara Chief Subrato Roy’s parole till 16 September with a condition that he has to deposit Rs 300 crore with Security and Exchange Board of India (SEBI). The direction for depositing the amount came after Roy complied with the order of July 11 by which he was asked to deposit the balance of Rs 300 crore, out of the Rs 500 crore promised by him when he was granted parole on humanitarian grounds following the death of his mother.

A bench headed by Chief Justice T S Thakur extended his parole and gave him the opportunity to raise the remaining amount to secure bail in the case by taking note that 68-year-old Roy today deposited Rs 300.68 crore.

During the hearing, the bench made it clear that failure to deposit Rs 300 crore by the next date of hearing would lead to Roy going back to the jail. The bench, also comprising Justices A R Dave and A K Sikri, has allowed the Sahara group to go ahead with sale and alienation of their properties to raise an amount of Rs 5,000 crore as a bank guarantee which they have to deposit in addition to Rs 5,000 crore to get bail for Roy. SEBI said it has already sold eight properties of Sahara for Rs 195.07 crore and gave the nod for selling the remaining 50 properties through e-auction.