The Supreme Court on Monday extended the parole of the Sahara Group chairman Subrato Roy to August 3 and asked him to pay Rs. 300 Crore or go back to jail.
The apex court said that the parole has been granted to the Sahara Chief on humanitarian grounds and that the process cannot be misused.
The Sahara Group had requested the Supreme Court on Monday to indefinitely extend the bail granted to its owner Subrata Roy and director Ashok Choudhary.
Roy was sent behind bars on March 4, 2014, after his company failed to comply with a court order to refund thousands of crores to investors in a bond programme that was ruled illegal. The SC set an unprecedented bail amount of Rs 10,000 crore.
The big business leader was released on parole on May 6 after spending over two years in Tihar Jail for four weeks to attend rituals following the death of his mother. On May 11, the bench extended his parole to enable him to pay Rs 200 crore.
The company on Friday deposited Rs 200 crore as per the apex court’s order.
“In compliance of the May 11 order, the applicants are depositing Rs 200 crore, despite Sebi’s non-cooperation, which establishes their bona fide. In addition, efforts are being made to further arrange approximately Rs 300 crore in respect of which directions are being sought from the court,” the application that was filed on Friday read.
The application will come up before a bench headed by Chief Justice TS Thakur on Monday.