The Supreme Court asked Sahara Chief Subrata Roy to pay Rs 600 crore by February 6, 2017 or surrender, PTI reported on Monday. The apex court extended Roy’s parole till February 6.
“You had said earlier you have properties worth Rs 1,87,000 properties. But those don’t come to your help for repaying Rs 20,000 crores,” the court told the Sahara group according to NDTV.
Roy was released on parole on May 6 to perform the last rites of his mother. However, the Supreme Court later extended his parole till July 11 and directed him to pay Rs 200 crore to the Securities and Exchange Board of India.
Roy, 68, was arrested in March 2014 and sent to Tihar Jail after the Sahara group failed to refund Rs 24,000 crore to investors after selling them bonds that were later ruled illegal. Sahara has paid around Rs 11 crore to Sebi and submitted a plan saying it will pay the rest in the next two-and-a-half years. The top court has asked Sebi and amicus curiae Shekhar Naphade to respond to the plan.
Sahara needs to arrange for Rs 10,000 crore – partly in cash and the remaining in the form of bank guarantees – to secure bail for Roy and two other directors in jail.