The Supreme Court on Friday extended Sahara Chief Subrata Roy’s parole till September 23. The apex court extended parole after Sahara deposited Rs 352 crore with SEBI as per the court’s direction.
Sahara India had reportedly on Friday deposited Rs 352 crore with the Securities and Exchange Board of India (SEBI), as promised to the Supreme Court.
The amount had been promised earlier to continue the interim bail for Chairman Subrata Roy and two others.
The Supreme Court had also asked the company to reveal the source of money, which it claims to have refunded to investors.
The court on 4 August extended Roy’s parole till 16 September on the condition that an additional Rs300 crore be deposited with the court by September.
Roy was granted parole in May after he had been in judicial custody since 4 March 2014 along with two of his associates for failing to deliver on promises made 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 a bank guarantee.
ALSO READ: 10 Sahara Properties To Be Auctioned
In March, Sahara completed the cash payment of Rs.5,000 crore towards bail for Roy and the two associates, and only the bank guarantee of Rs.5,000 crore is pending.
Securities and Exchange Board of India (Sebi) moved the apex court in August 2012 to recover Rs.36,000 crore from Sahara to refund investors who purchased securities from two group firms through schemes that the market regulator found illegal.
Sebi asked the court to appoint a receiver who would dispose of Sahara’s domestic and offshore properties and raise the money.