SC extends bail of Subrato Roy, Sahara to pay 300 crore more

New Delhi: The honorable Supreme Court (SC) of India today extended interim bail of Indian businessman Subrato Roy who is also the founder and chairman of the Sahara India Group till August 3rd.

In a big relief to Sahara Group conglomerate Subrato Roy, the apex court has extended his interim bail till August 3rd.

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The bench headed by Chief Justice T.S. Thakur, however, said Roy will deposit Rs 300 crore by August 3, 2016.

The SC has asked the group to deposit Rs 300 crore till 3rd August with the Securities and Exchange Board of India (SEBI).

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The Sahara India group has got permission from the Supreme Court to sell its properties. The SC said that the interim bail has been given to Subrato on the humanitarian ground.

The SC also guided Sahara to not to make miss use of opportunity given by the court and have ordered to pay Rs 300 crore to Sebi or else return back to Tihar Jail.

Earlier, the Sahara Group requested the Supreme Court on Monday to indefinitely extend the bail granted to its owner Subrata Roy and director Ashok Choudhary. It also sought bail for another incarcerated director RS Dubey.

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Roy was sent behind bars on March 4, 2014, after his company failed to comply with a court order to refund thousands of crores to investors in a bond programme that was ruled illegal. The SC set an unprecedented bail amount of Rs 10,000 crore.

Subrato Roy was granted parole on May 6 this year which was extended by two months on May 11. Monday was the last day of Roy’s extended parole.

The Sahara chief was sent to jail on May 4, 2014, for his failure to comply with 2012 order directing him to return investor’s Rs 17,600 crore with 15 per cent interest that his two companies Sahara India Real Estate Corp. Ltd. and Sahara Housing Finance Corp. Ltd. had raised through optionally fully convertible debentures (OFCD) in 2007 and 2008.

 

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