Sahara chief Subrata Roy, on Friday, told the Supreme Court of India that he was ready to pay the additional Rs 300 crore which should be adjusted to the bank guarantee. Roy had been given an extension till September 16 to enable him to deposit Rs 300 crore with the Securities and Exchange Board of India (SEBI). Roy, along with two other directors had been sent to the Tihar jail on March 4, 2016, for his failure to with the Supreme Court’s order of returning investors Rs 17,600 crores with an interest of 15%.
Earlier in July, the Supreme Court had extended his parole following the death of his mother, till August 3, 2016, on the condition that he paid Rs 300 crore of the Rs 500 crore promised by him. Senior advocate Kapil Sibal had appealed to extend the deadline to a year but the Supreme Court bench had declined the request saying that he had already been given a long rope. When Sibal argued citing problems with the selling of properties, the bench suggested the appointment of a receiver and entrusting him with all the property.
After repeated efforts to have Sahara refund the amount to the shareholders went in vain, the court asked Sahara to submit documents of all of its land assets, which were then sent to capital market regulator Securities and Exchange Board of India (SEBI) to sell and get the refunds. The company had submitted documents of land assets, worth about Rs 40,000 crore which was found to have many faults by the SEBI, making it impossible to sell the land. Roy had been arrested in Lucknow in February 2014, for evading two days of non-bailable warrant issued by the Supreme Court.