In a recent development, the Supreme Court of India has extended the parole of Sahara chief Subrata Roy April 7. Earlier, the Sahara chief has filed a plea seeking extension in the parole duration so that he could return money to his investors.
On November 28, 2016, the apex court had directed Roy to deposit Rs 600 crore more by February 6 and if he fails in doing so, he has to return to jail and serve his sentence. The court also said that the case which is pending since 2012 has a vast history and asked SEBI to look into it. He also directed the amicus curiae to respond the question whether the Sahara group has progressed in its repayment process.
On September 28, 2016, the apex court ordered Subrata Roy to deposit Rs 200 crore by October 24 while extending the interim order releasing Roy and two other directors on parole.
Sahara chief Subrata Roy was sent to Tihar jail on March 4, 2014, for not complying with the apex court’s orders in connection with a long dispute with the market regulator, SEBI. The SEBI alleged that Roy failed to comply with the supreme court’s order which directed him to return investors money. Sahara says it has paid more than 80 percent of the dues to shareholders, but SEBI has disputed that and said the company has not paid more than Rs. 10,000 crores.
Roy has been out on parole since May when his mother had passed away. Later, his parole was extended on the condition of deposition of money for refunding to the investors.
