Sahara Group chief Subrata Roy's parole was extended till November 28 by the Supreme Court on Friday after his company deposited Rs 200 crore with the Securities and Exchange Board of India. The group will deposit another Rs 200 crore by the end of November, reported ANI.
On September 28, the top court had asked Roy to deposit Rs 200 crore with Sebi by October 24. It also asked him to explain how he intends to pay more than Rs 10,000 crore that he owes the regulator. Roy has been out on parole since May 6 after his mother died. This is the fifth time his parole has been extended.
Roy was sent to Tihar Jail in March 2014 after he failed to comply with a court order that directed him to refund money that was raised from investors by selling them bonds later ruled illegal. Sahara was asked to submit Rs 10,000 crore – partly in cash and the remaining in bank guarantees – to secure bail for Roy and two other directors who are in jail.
On February 2, Sahara had sought permission from the Supreme Court to sell its 42% stake in the Formula 1 team Force India, four airplanes and its Sahara Star Hotel in Mumbai to raise Rs 3,000 crore of the Rs 10,000-crore bail bond set for Roy's release. The company had also said negotiations were underway to sell three of its overseas hotels – the Grosvenor House Hotel in London, the New York Plaza Hotel and the Dream New York Hotel.