1. Apex court extends Sahara chief’s parole till November 28

Apex court extends Sahara chief’s parole till November 28

The Supreme Court on Friday extended Sahara chief Subrata Roy’s parole till November 28, after Sahara deposited R200 crore.

By: | New Delhi | Published: October 22, 2016 6:28 AM
sahara-l-pti Sahara also told a bench headed by Chief Justice TS Thakur that it will further deposit R200 crore by November end. (Source: PTI)

The Supreme Court on Friday extended Sahara chief Subrata Roy’s parole till November 28, after Sahara deposited R200 crore.The group also submitted a 24-month roadmap for the payment of dues to Sebi. However, it said that the finer details of the roadmap need to be worked out and agreed upon by Sebi and the amicus curiae.

Sahara also told a bench headed by Chief Justice TS Thakur that it will further deposit R200 crore by November end. Of this, Sahara deposited R15 crore on Friday.

The court also ordered the re-auction of five properties that are under provisional attachment of the income tax department, after Sahara said they are having buyers who are offering a better price. While an Ajmer property was sold for R26 crore, Sahara claimed that a buyer, Rajinder Daga of Asaan Realty, had offered to buy the property at R41 crore and the real worth of the property was over R160 crore.

Meanwhile, the market regulator had said that the two Sahara group firms — Sahara India Real Estate Corp and Sahara Housing Invest Corp — are supposed to refund total R47,087.7 crore, which includes interest calculated at the rate of 15% till October 17.

Sebi told the court that Sahara has so far remitted only R10,780.75 crore, which if taken together with interest earned/accrued till September 30, comes to R13,333.80 crore.

Roy has been out on parole since May, after spending two years at Delhi’s Tihar Jail. The 68-year-old head of the Sahara group and two other directors had been granted parole when Roy’s mother died in May this year, and it had been extended four times since then.

Roy and the two directors were in judicial custody since March 4, 2014, for not complying with the apex court’s August 31, 2012 and December 5, 2012, orders relating to refund over R24,029 crore from raised from three crore bond investors by two group firms.

The apex court in 2014 had set the bail amount at an unprecedented R10,000 crore — half in cash and half as a bank guarantee.

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