The Supreme Court on Monday granted Sahara chief Subrata Roy 10 more working days to deposit Rs 709.82 crore out of the promised Rs 1,500 crore and has extended its interim order granting him bail till July 5.
A bench consisting of Justices Dipak Misra and Ranjan Gogoi heard senior advocate Kapil Sibal, appearing for Roy, saying that Rs 790.18 has already been deposited with the Securities and Exchange Board of India (SEBI)-Sahara account and 10 more working days be granted for submission of the remainder amount. Earlier, Roy had deposited two cheques of Rs 1,500 crore and Rs 552.22 crore to be paid to the SEBI on June 15 and July 15 respectively.
On April 17 displeased with non-submission of money, the SC had decided to sell property worth Rs 34,000 crore belonging to the Sahara group in Maharashtra’s Aamby Valley and had asked for Roy’s presence before the court. The court had also asked Roy on November 28, 2016 to deposit Rs 600 crore more by February 6 in the refund account so that he could remain out of jail. He was warned that failure to do so would result in his return to prison. Roy was granted a four-week parole on May 26 to attend his mother’s funeral and the court has been extending his parole ever since. He was sent to jail originally on March 4, 2014.
Other than Roy, two other directors, Ravi Shankar Dubey and Ashok Roy Choudhary, were also arrested for the failure of two group companies, Sahara India Real Estate Corporation (SIRECL) and Sahara Housing Investment Corp Ltd (SHICL). They failed to comply with the court’s August 31, 2012 order which ordered them to return Rs 24,000 crore to their investors. Director Vandana Bhargava was not taken into custody.