SC extends Subrata Roy’s parole till 23 September
Sahara Group chief Subrata Roy’s lawyer Keshav Mohan says a draft of Rs353 crore has been deposited with the Sebi-Saha account
New Delhi: The Supreme Court on Friday extended the parole of Sahara Group chief Subrata Roy till 23 September, the next date of hearing.
The decision to extend the relief was taken by a bench headed by Chief Justice of India (CJI) T.S. Thakur in-chamber as Roy’s parole was to end on Friday.
The regular special bench of the CJI and justices A.R. Dave and A.K. Sikri was not available.
Sahara’s lawyer Keshav Mohan said a draft of Rs353 crore has been deposited with the capital markets regulator Securities and Exchange Board of India (Sebi)-Sahara account.
The court on 4 August extended Roy’s parole till 16 September on the condition that an additional Rs300 crore be deposited with the court by September.
Roy was granted parole in May after he had been in judicial custody since 4 March 2014 along with two of his associates for failing to deliver on promises made to return the money two Sahara firms collected from depositors.
On 26 March that year, the court set the bail amount at an unprecedented Rs.10,000 crore—half in cash and half as a bank guarantee.
In March, Sahara completed the cash payment of Rs.5,000 crore towards bail for Roy and the two associates, and only the bank guarantee of Rs.5,000 crore is pending.
The Sebi moved the apex court in August 2012 to recover Rs.36,000 crore from Sahara to refund investors who purchased securities from two group firms through schemes that the market regulator found illegal.
Sebi asked the court to appoint a receiver who would dispose of Sahara’s domestic and offshore properties and raise the money.
PTI contributed to this story.
(Sahara has filed a defamation case in a Patna court against Mint’s editor and some reporters over the newspaper’s coverage of the company’s dispute with the Securities and Exchange Board of India. Mint is contesting the case.)