SC Extends Sahara Chief Subrata Roy’s Parole Till Feb 6
SC Extends Sahara Chief Subrata Roy’s Parole Till Feb 6

The Supreme Court on Monday extended the interim bail of Sahara Chief Subrata Roy till February 6, 2017.

The Sahara Chief has been asked by the apex court to deposit Rs 600 crore by February 6 to remain out of jail. The top court said that Roy must surrender if he failed to deposit the directed amount by February 6, 2017.

The Supreme Court has asked SEBI and amicus curiae Shekhar Naphade to respond to the fresh repayment plan submitted in court by Roy.

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Earlier, on October 21, the apex court had extended Roy’s parole till November 28. This extension had come after Sahara deposited Rs 200 crore and said it will deposit Rs 200 crore more by November end.

Roy was granted parole in May after he had been in judicial custody along with his associates Ashok Roy Choudhary and Ravi S. since 4 March 2014 for failing to deliver on promises 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 bank guarantee.

ALSO READ: SC Extends Subrata Roy’s Interim Parole, Directs Him To Pay Rs 200 Crore

In March, Sahara completed the cash payment of Rs 5000 crore towards bail for Roy and the two associates, with the bank guarantee of Rs 5000 crore pending.

Sebi moved the apex court in August 2012 to recover Rs 36,000 crore from Sahara in order to refund investors who purchased securities from two group firms through schemes that the market regulator found illegal.