SC extends Subrata Roy’s parole; directs him to pay Rs 300 Cr
The Supreme Court on Monday decided to extend the parole granted to Sahara India head, Subrata Roy, on humanitarian grounds until August 3. The bench which was headed by Chief Justice of India TS Thakur has further asked him to pay Rs 300 crore by August 3.
According to a report in Hindustan Times, Subrata had moved the Supreme Court seeking bail in connection with a dispute with market regulator Securities and Exchange Board of India. Along with Subrata, Sahara India had also sought bail for Ashok Choudhary and RS Dubey, who were the directors of the company. Subrata was first granted parole on May 6 to perform last rites of his mother. However, the apex court extended his parole by two months on May 11 and asked him to deposit Rs 200 crore with SEBI
In May 2014, Subrata was sent to Tihar jail after he failed to comply with a court order directing him to return investor's money. According to media reports, Subrata has to pay Rs 17,600 crore with 15% interest that his two companies Sahara India Real Estate Corp Ltd and Sahara Housing Finance Corp Ltd had raised through optionally fully convertible debentures (OFCD) in 2007 and 2008.