Supreme Court grants Subrata Roy 10 more days to deposit Rs 709.82 crore

Source:- thehindu.com

The Supreme Court on Monday granted Sahara chief Subrata Roy 10 more working days to deposit ₹709.82 crore out of the promised ₹1,500 crore and extended its interim order granting him bail till July 5.

A Bench, comprising Justices Dipak Misra and Ranjan Gogoi, considered the submissions of senior advocate Kapil Sibal, appearing for Mr. Roy, that ₹790.18 was deposited with the SEBI-Sahara account and 10 more working days be granted for submission of the remainder.

Mr. Roy had deposited two cheques for ₹1,500 crore and ₹552.22 crore to be paid to the Securities and Exchange Board of India on June 15 and July 15 respectively.

Irked over non-submission of money, the Supreme Court, on April 17, decided to sell property worth ₹34,000 crore belonging to the Sahara group in Maharashtra’s Aamby Valley and had sought Mr. Roy’s presence before it.

The court, on November 28 last, asked Mr. Roy to deposit ₹600 crore more by February 6 in the refund account to remain out of jail and warned that failure to do so would result in his return to prison.

On May 6, 2016, it granted Mr. Roy four-week parole to attend his mother’s funeral. His parole has been extended by the court ever since. Mr. Roy was sent to Tihar jail on March 4, 2014.

Besides Mr. Roy, two other directors, Ravi Shankar Dubey and Ashok Roy Choudhary, were also arrested for the failure of two group companies, Sahara India Real Estate Corporation (SIRECL) and Sahara Housing Investment Corp Ltd (SHICL), to comply with the court’s August 31, 2012 order to return ₹24,000 crore to their investors. Director Vandana Bhargava was not taken into custody.