SC Directs Subrata Roy To Deposit Rs 300 Cr

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New Delhi: In a breather to Sahara chief Subrata Roy, the Supreme Court on Wednesday extended his parole till September 16 to enable him to deposit Rs 300 crore with market regulator Securities and Exchange Board of India (SEBI).

The bench, headed by Chief Justice TS Thakur, gave the Sahara chief time till September 16 to deposit the money, observing that failing this he will be back in Tihar Jail.

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The court rejected Roy’s plea to be permitted to sell Sahara’s property to raise money to return investors’ deposits collected in 2008 and 2009 through OFCDs (Optionally Fully Convertible Debentures).

The Sahara chief along with two other directors – Dubey and Roy Choudhary – was sent to Tihar jail on March 4, 2014, for failure to comply with 2012 order directing him to return investors’ Rs 17,600 crore with 15 per cent interest.

 

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