A Supreme Court bench on Tuesday extended Sahara chief Subrata Roy's parole period till April 17, 2017.
A Supreme Court bench on Tuesday extended Sahara chief Subrata Roy’s parole till April 17, 2017. The apex court also directed the Sahara Group to deposit Rs 5092.6 crore by April 7, for its chief Subrata Roy to get bail. Roy who was sent to Tihar jail in May 2014, for not complying with the apex court’s orders in connection with a long dispute with the market regulator, Securities and Exchange Board of India (SEBI) and SEBI alleged that Roy allegedly failed to comply with the apex court’s order directing him to return the investors’ money.
Meanwhile earlier this month, the apex court ordered that Sahara group’s iconic Aamby Valley project near Lonavala will be attached in the public auction to recover dues, which means that now it will be under the supervision of the court and nobody can do anything with it till the next hearing. The Aamby Valley property is worth Rs 39,000 crore. The Sahara officials admitted before the Supreme Court that it had to pay Rs 14,000 crore as principal money to Securities and Exchange Board of India (SEBI) and that it had already paid Rs 11,000 crore. The Securities and Exchange Board of India (SEBI) had alleged that Roy had failed to comply with the 2012 SC order directing him to return more than Rs 20,000 crore to the investors with 15 percent interest that his two companies Sahara India Real Estate Corp Ltd and the Sahara Housing Finance Corp Ltd had raised through optionally fully convertible debentures (OFCD) in 2007 and 2008.
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Roy had spent more than two years in jail and this in not the first time that Roy’s parole has been extended, earlier, Roy’s parole was extended till November 28 after a note was taken for the deposit of Rs 200 crores that he made with SEBI in October 2016.