New Delhi: Sahara chief Subrata Roy asked to deposit Rs. 600 crore by February 6 to stay out of jail, Supreme Court extends parole.
Sahara Chief Subroto Roy was asked by the Supreme Court to pay Rs. 600 crore by February if he wants to stay out of jail.
Mr Roy, who is out on parole since his mother’s death in May this year, has been asked to surrender if he cannot pay this money by February 6. His parole was also extended.
The Sahara group has been engaged in a long legal battle with capital market regulator Sebi over the refund of Rs. 24,000 crore to investors. Sahara has paid around Rs. 11,000 crore and submitted a plan saying it will pay the rest of the money in two and a half years.
“You had said earlier you have properties worth Rs. 1,87,000 properties. But those don’t come to your help for repaying Rs. 20,000 crores,” the court said to Sahara.
Senior lawyer Kapil Sibal, representing Sahara, said the market condition is bad. The Supreme Court, however, shot back, “Market business is a matter of perception. For some it is good, for some it is bad.”
Mr Roy, 68, was arrested in March 2014 after Sahara failed to comply with a court order to refund the money raised from millions of small investors who were sold bonds later ruled to be illegal.