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Sahara chief Subrata Roy’s parole extended till July 5

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sahara

NEW DELHI:  The Supreme Court today extended Sahara chief Subrata Roy's parole till July 5 and also granted him 10 working days to deposit Rs. 709.82 crore out of the promised Rs. 1,500 crore.

The 68-year-old chief of the Sahara conglomerate, along with two company directors, was first arrested in March 2014 after failing to comply with the top court's order to repay Rs. 36,347 crore illegally raised from investors. He was later given bail in 2016 after he told judges that he would furnish two cheques totaling about 2,000 crores - one by June and other by July.
Mr Roy was first granted a four-week parole on May 6, 2016, to attend his mother's funeral. Thereafter, his parole has been extended repeatedly by the top court.

Mr Roy had deposited two cheques of Rs. 1,500 crore and Rs. 552.22 crore to be paid to the Securities and Exchange Board of India or SEBI on June 15 and July 15.

A bench comprising Justices Dipak Misra and Ranjan Gogoi considered the submissions of senior advocate Kapil Sibal, appearing for Roy, that Rs. 790.18 have been already been deposited with the SEBI-Sahara account and 10 more working days be granted for submission of the remainder, reported the Press Trust of India.

Last month, annoyed over non-payment of dues, the Supreme Court said "enough is enough" and decided to auction Sahara's Aamby Valley Hill City Estate near Pune, which is reportedly worth Rs. 34,000 crores and spread over 10,000 acres land.

Last year in November, the top court asked Mr Roy to pay Rs. 600 crore by February 6 to stay out of jail.

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