NEW DELHI (INDIA): The Supreme Court of India (SCI) granted Sahara chief Subrata Roy 10 more working days to deposit Rs 709.82 crore out of the promised Rs 1,500 crore and extended its interim order granting him bail till July 5.
A bench comprising Justices Dipak Misra and Ranjan Gogoiconsidered the submissions of senior advocate Kapil Sibal,appearing for Roy, that Rs 790.18 have been already beendeposited with the SEBI-Sahara account and 10 more workingdays be granted for submission of the remainder.
Roy had earlier deposited two cheques of Rs 1,500 croreand Rs 552.22 crore to be paid to the Securities and ExchangeBoard of India on June 15 and July 15 respectively.
Irked over non-submission of money, the Supreme Court hadon April 17 decided to sell property worth Rs 34,000 crorebelonging to the Sahara group in Maharashtra’s Aamby Valleyand had sought Roy’s presence before it.
The court had on November 28 last year asked Roy todeposit Rs 600 crore more by February 6 in the refund accountto remain out of jail and warned that failure to do so wouldresult in his return to prison.
It had on May 6, 2016 granted Roy four-week parole toattend his mother’s funeral. His parole has been extended bythe court ever since. Roy was sent to Tihar jail on March 4,2014.
Besides Roy, two other directors, Ravi Shankar Dubeyand Ashok Roy Choudhary, were also arrested for the failure oftwo group companies, Sahara India Real Estate Corporation(SIRECL) and Sahara Housing Investment Corp Ltd (SHICL), tocomply with the court’s August 31, 2012 order to return Rs24,000 crore to their investors. Director Vandana Bhargava wasnot taken into custody.
Source: Press Trust of India