The Supreme Court on Friday extended Sahara chief Subrata Roy’s parole till November 28, after Sahara deposited Rs 200 crore today and said it will deposit Rs 200 crore more by November end. Last month, the apex court had observed that there is ‘no faith left’ even as it extended Roy’s parole on the condition of the group depositing Rs 200 crore more with the Sebi for refunding investors.
Senior advocate Kapil Sibal, who is representing the Roy and Sahara group, had earlier made a reference to the case of founder-owner of Kingfisher Airlines Vijay Mallya, who has been evading proceedings arising out of non-repayment of bank loans. While requesting the court for a considerate view, he contended, “Here is a person who has to pay back some hundreds of crores and he is unable to come back to India. I have already paid back more than 10,000 crore.”
Sibal had argued that instead of paying Rs 200-300 crore every month and earn freedom for a short duration, he would want to stay out of jail for a year and a half and pay the remainder in this duration. “I will give you (court) a road map and milestones on making the payments. Give me one-and-half year to make me pay. I know I have to pay but let me do it in my own way. Allow me a free hand and let me sell my properties whosoever I want to sell it to,” said Sibal.
Sibal also told the court that the group is facing difficulties in selling properties, but it was trying to sell its two offshore hotels. To this, the bench asked Sahara to prepare and discuss the roadmap for future payments.