The Supreme Court on Tuesday asked Sahara group chief Subrata Roy to deposit Rs 1,500 crore in the Securities and Exchange Board of India refund account before September 7, PTI reported. Roy has deposited Rs 1,500 crore so far, and another Rs 9,000 crore remains.
Roy had earlier promised the court to pay Rs 552.21 crore before July 15. Roy’s advocate Kapil Sibal said the Sahara chief had already deposited Rs 247 crore, and that the rest of the amount will be deposited before August 12.
However, the bench headed by Justice Deepak Misra said Roy will have to pay Rs 1,500 crore before September 7, which will include the remaining Rs 305.21 crore. Roy, who has been on parole since May 6 last year, was also granted extension on his parole till October 10.
The bench further asked the Bombay High Court’s official liquidator to proceed with the publication of sale notice for the auction of properties at Sahara’s Aamby Valley. In April, the court had decided to auction Rs 34,000 crore worth of properties at the Aamby Valley in order to recover the money.
The Supreme Court has posted the matter for its next hearing on September 11.
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.
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.
Roy has been in jail for almost two years in jail, but on parole since May 6, 2016.