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Supreme Court extends Subrata Roy’s parole after Sahara deposits Rs 352 crore with SEBI

The Supreme Court of India on Friday extended Sahara Chief Subrata Roy's parole after the deposition of Rs 352 crore with SEBI.

By: | Published: September 16, 2016 4:28 PM
Subrata Roy parole extended Earlier in August, Subrata Roy had told the Supreme court that he was ready to pay the additional Rs 300 crore, but the amount must be adjusted towards bank guarantee. (Reuters)

The Supreme Court of India on Friday extended Sahara Chief Subrata Roy’s parole after the deposition of Rs 352 crore with SEBI. Earlier in August, Subrata Roy had told the Supreme court that he was ready to pay the additional Rs 300 crore, but the amount must be adjusted towards bank guarantee. On September 2, the Supreme Court had demanded that Roy discloses the source of Rs 18,000 crore that he had refunded to the investors.

The Supreme Court had also hinted at ending the high-profile case if Roy could come up with a clean money source. The Sc had said that it was difficult to digest that such a large amount had been refunded in such a short span of time. The apex court had also asked the Securities and Exchange Board of India (SEBI) to investigate Sahara’s proposal to raise Rs 300 crore as an advance from Reuben brothers.

On August 3, the SC had extended his parole till September 16 on a condition that he will deposit R300 crore with SEBI. The court had also allowed Roy to dispose of any of his properties, provided the sale price was not less than 90% of the market value and the money is deposited with Sebi. In an effort to convince the court about Sahara’s seriousness to repay the full amount, Sibal had earlier told that bench that Roy would repay the entire amount in 18 months as many of the properties, including three luxury hotels in London and New York, were likely to be sold soon.

Subrata Roy got arrested two years ago in February 2014 in a money fraud case, when it was found that his company Sahara had submitted to SEBI, dubious land documents which were found to be worth Rs 40,000 crores. Roy was charged in the case because of non-refund of around Rs 20,000 crores to investors.

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