SC extends Subrata Roy’s parole again, asked to pay Rs 600 crore more

Photo of Sahara group chief Subrata Roy.

New Delhi: The Supreme Court in another big relief to Sahara Chief Subrata Roy extended parole and asked him to deposit Rs 600 crore by February 6th next year as the group submitted the road map for returning Rs 11,036 crores in next two and half years.

The apex court asked Sahara Chief to deposit Rs 600 crore, the bench of Chief Justice T.S.Thakur, Justice Ranjan Gogoi and Justice A.K.Sikri asked why don’t they reverse the road map to start depositing Rs 1,000 crore per month for refunding Rs 24,000 crore of more than three crore investors.

Besides Roy, the honorable court has also extended parole of his son-in-law Ashok Roy Choudhary and Sahara’s Director Ravi Shankar Dubey.

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The two Sahara group companies-Sahara India Real Estate Corporation Ltd (SIRECL) and Sahara Housing Investment Corporation Ltd (SHICL)-had raised the money, through optionally fully convertible debenture, from about 3.3 crore investors in 2008 and 2009.

The apex court by its August 31, 2012 order directed the SIRECL and SHICL to return the investors’ Rs 17,600 crore with 15 per cent interest.

The court was told that Sahara has deposited Rs 1,200 crore ever since Roy was released on parole on May 6th to perform the last rites of his mother.

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Senior counsel Kapil Sibal, appearing for Roy, told the court that so far they have deposited Rs 11,000 crore with the market regulator and there is a balance of Rs 11036 crore.

Sibal had expressed the haplessness of Sahara group as a lawyer told the court that her client has deposited the money for a flat in one of its housing projects but there was nothing on the ground. The next hearing is on February 6th.

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