Subrata Roy’s parole extended by SC, Sahara asked to deposit Rs 300 crore by August 3

By: | Published: July 11, 2016 4:36 PM

The Supreme Court on Monday extended the parole of Sahara group chief Subrata Roy till August 3.

saharaThe court said that Sahara group can sell any of its domestic and overseas assets. (Reuters)

The Supreme Court on Monday extended the parole of Sahara India chief Subrata Roy Sahara, who was earlier allowed to leave the Tihar jail to attend the funeral of his mother, till August 3.

The apex court also asked the company to deposit Rs 300 crore on or before August 3.

In a major relief to the Sahara group, the Supreme Court on Monday lifted the embargo on the sale of its properties. The court said that Sahara group can sell any of its domestic and overseas assets. Sahara can now sell its property at existing circle rates or higher.

Sahara’s lawyers confirmed the apex court that the company was in final stages of negotiation with the Qatar Investment Authority (QIA) for the sale of its three overseas hotels – Grosvenor House (London), New York Plaza and Dream Downtown in New York – for $1.6 billion.

However, the apex court also observed that it was not satisfied with the company’s efforts for selling its properties.

Meanwhile, the SC will hear SEBI’s plea regarding appointment of the receiver for Sahara assets on August 3.

According to reports, the court observed that it see no other option but to appoint receiver for selling Sahara’s assets

The apex court on May 6 had allowed Roy to go to Lucknow on four-week parole to perform the last rites of his mother, Chhabi Roy.

Roy and two other directors are 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 Rs 24,029 crore raised from three crore bond investors by two group firms -Sahara India Real Estate Corp and Sahara Housing Invest Corp.

The apex court in 2014 had set the bail amount at an unprecedented Rs 10,000 crore— half in cash and half as a bank guarantee.

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