In a relief to Sahara’s Subrata Roy, the Supreme Court on Friday gave him a week to surrender while agreeing to hear his plea on parole extension on Wednesday. Besides Roy, other two Sahara directors, Ashok Roy Choudhary and Ravi S Dubey, will also have to surrender within a week. The apex court has also agreed to hear on October 3 a fresh plea of Roy and others with regard to grant of bail. A two-judge bench headed by CJI T S Thakur, passed the order after hearing application filed by lawyer Kapil Sibal appearing for Subrata Roy.
The apex court’s decision comes hours after it had refused to extend Roy’s parole any further. A bench led by CJI Thakur passed the order after his counsel Rajiv Dhavan had objected to the court’s nod to Sebi for selling Sahara Group’s properties on their own. Dhavan called it “very unfair” and also demanded extension of parole while the group would adduce at a later date its plan to deposit more money for refunding investors.
At this response, CJI Thakur blasted Dhavan saying: “Don’t tell us what to do…we know what we need to do. You go back to jail. The previous order stands terminated.”
On August 26, Roy offered to pay an additional Rs 300 crore to Sebi but said that this amount should be adjusted as bank guarantee that he required to furnish for a regular bail.
“I am ready to pay additional Rs 300 crore but this amount should be adjusted as a bank guarantee,” Sibal told the bench that also comprised Justices A M Khanwilkar and D Y Chandrachud.
On August 3, the Supreme Court had extended Roy’s parole till September 16 on the condition that he deposit Rs 300 crore more with the Sebi. Roy was given parole in May with a stipulation of depositing Rs 500 crore with Sebi for refunding investors by August first week.
(With inputs from PTI)