Subrata Roy out on parole for mother's funeral

The Supreme Court on Friday granted four weeks parole to embattled businessman Subrata Roy after his mother death following a prolonged illness. Chhabi Roy was 95 and had been critically ill for over two years.The Sahara chief has been in Tihar Jail for more than two years in connection with a long dispute with market regulator Sebi.

The Supreme Court had earlier said that the possibility of Roy’s release from jail would depend on the outcome of the first round of auction of Sahara’s assets by market regulator Sebi.

Roy was arrested in March 2014 after the group failed to comply with a court order to refund the money raised from millions of small investors by selling them bonds later ruled to be illegal.

Sahara, a household name as the former main sponsor of the national cricket team, has some prized assets including New York’s Plaza Hotel, the Grosvenor House in London, Sahara Star hotel in Mumbai and a stake in a Formula One racing team.

The group has been trying to raise funds since Roy’s arrest, but has failed in several past bids to comply with the SC’s order to return 360 billion rupees to investors in the banned bond plan.

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• subroto
• roy
• parole
• mother
• dies