SC extends Subrata Roy’s parole, asks to pay Rs 600 crore by Feb 16 or surrender

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November 28, 2016 3:56 PM

The Supreme Court on Monday extended Sahara Chief Subrata Roy's parole and asked him to deposit Rs 600 crore by February 6 if he wished to stay out of jail.

subrata roy, subrata roy parole, subrata roy loan, sahara india, sahara subrata roy, subrata roy sahara loans, sebi subrata roy, subrata roy tiharSC said that Subrata Roy must surrender if he failed to deposit the directed amount by February 6, 2017. (Reuters)

The Supreme Court on Monday extended Sahara Chief Subrata Roy’s parole and asked him to deposit Rs 600 crore by February 6 if he wished to stay out of jail. The top court said that Roy must surrender if he failed to deposit the directed amount by February 6, 2017. Earlier on October 22, the Supreme Court had extended Subrata Roy’s parole till November 28, after the Sahara Chief had deposited RS 200 crore with the securities Exchange Board of India(SEBI) as directed by the apex court.

On October 22, a bench headed by Chief Justice T S Thakur had asked Roy to deposit RS 185 crore before the end of his parole’s deadline, which was today, November 28. The bench of justices had also allowed Subrata Roy to re-auction 5 properties in India which had already been auctioned by the SEBI. This was only allowed after senior advocate Kapil Sibal had said that the company, Sahara had received higher offers for the properties that SEBI had managed through the auctions.

Sibal had assured that the company would pay the entire amount to the investors by December 2018, as per the Supreme Court’s order in 2014. The SC had then directed that the company had to submit a roadmap for the repayment and it would not tolerate “defiant and obstructionist” behaviour by anyone. If Sahara is to be believed that had already repaid Rs 19,000 crore of the Rs 27,000 crore it had owned to SEBI by October 22. SEBI, however, had disputed and said that Sahara had to pay back Rs 47,000 crore more.

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