The Supreme Court on Thursday refused to grant an extension to Sahara group chief Subrata Roy to pay Rs 600 crore by February 6, failing which his parole will be cancelled. Roy had cited demonetisation and economic slowdown as his reasons seeking an extension of time to pay Rs 600 crore.
The court said “too much indulgence” was already given to Roy, more so than to any other litigant, PTI reported. The apex court allowed the Sahara group to transfer Rs 280 crore to capital markets regulator Securities And Exchange Board Of India from its London account.
Meanwhile, the Enforcement Directorate on Thursday moved the Supreme Court seeking to attach the group’s overseas properties. The ED said it had uncovered money laundering activities by Sahara during it investigations, Mint reported.
Roy was arrested in March 2014 and sent to Tihar jail after Sahara failed to refund Rs 24,000 crore to investors after selling them bonds that were later ruled illegal. Roy was released on parole on May 6 to perform the last rites of his mother. The Supreme Court later extended his parole till July 11 and directed him to pay Rs 200 crore to Sebi. 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.
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.