SC extends parole of Subrata Roy, asks to pay another 200 crore

Photo of Sahara Group chief Subrata Roy.

New Delhi: The Apex Court of India today extended its interim order releasing Subrata Roy and two other directors on parole and asked Sahara Group chief to deposit another Rs 200 crore by October 24.

In a big relief to Sahara chief today the Supreme Court to extended the parole to Subrata Roy and two directors.

The bench headed by Chief Justice of India T.S. Thakur, while extending the parole, asked Sahara to give a road-map by which it wants to return investors’ money that it had raised from the investors in 2008-09 through Optionally Fully Convertible Debentures (OFCDs).

During the last hearing, the Supreme Court of India has asked Subrata Roy for submitting additional of 300 hundred crores Rs with SEBI.

Earlier, The SC has extended Sahara Chief Subrata Roy’s parole till September 23. The apex court extended Roy’s parole for the third time, along with that of two others.

Roy has been out on parole since May after serving a two-year term in Tihar Jail, to hold the last rites of his mother who passed away after a prolonged illness.

In one of the last hearings, Roy and two of its assiociate’s bail was extended till September 16 on the condition that they deposit Rs 300 crore with the apex court. “Deposit Rs 300 crore or go back to jail,” the Supreme Court told Roy earlier this year.

In the last outing, the SC asked Sahara India to reveal the source of the Rs 18,000 crore it had claimed to pay back the investors.

On other hand, Subrata Roy today offered an unconditional apology before the Supreme Court seeking recall of its earlier order cancelling his parole and directing him to be taken into custody.