Supreme Court extends Sahara chief Subrata Roy’s parole till April 17

Roy, who set up a multi-million dollar business conglomerate, was sent to jail by the top court in 2014 after his group failed to repay the amount to its two crore small investors as ordered by the court.

By: Express Web Desk | New Delhi | Updated: February 28, 2017 8:15 pm
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The Supreme Court on Tuesday extended parole of beleaguered Sahara Group Chief Subrata Roy till April 17. The court has also directed the group to deposit Rs 5,092.6 crore by April 7 for its Roy to get bail. Meanwhile, earlier in February, the apex court had ordered attachment of its prime property worth Rs 39,000 crore at Aamby Valley in Pune in an ongoing case against the business tycoon. Roy has already spent his time in Tihar Jail for this.

WATCH | Sahara Chief Subrata Roy’s Parole Extended Till April 17

However, the bench, comprising Justices Ranjan Gogoi and A K Sikri, observed that in case the group deposits a “substantial amount” out of Rs 5092.6 crore by April 7, the court may extend the time to sell other properties. The judges said the group can sell 13 out of the 15 properties mentioned in one of the lists to deposit the amount and can also sell the properties, which are unencumbered, and mentioned in the other list given by it.

“In view of the aforesaid, we permit the contemnor to sell the properties mentioned in part A (of the list), barring items 14 and 15, and any other properties mentioned in part B which are unencumbered and to deposit Rs 5092.6 crore on or before April 7. The amount shall be deposited in the SEBI-Sahara refund account,” it said.

Roy, who set up a multi-million dollar business conglomerate, was sent to jail by the top court in 2014 after his group failed to repay the amount to its two crore small investors as ordered by the court.

In an August 2012 verdict, the SC had ordered two of Sahara companies to refund Rs 24,000 crore, along with 15 per cent interest, to more than two crore small investors who had invested in their optionally fully convertible debentures (OFCDs) between the years 2008 and 2011. Sahara was sent to jail on March 4, 2014 for failing to pay a sum of Rs 10,000 crore.

The court then ordered that Subrata Roy Sahara, whose company name adorned Indian cricket team’s jersey for years, will not be released from jail until he was able to raise half the amount in cash and the other half in form of bank securities.

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