SC extends Subrata's parole

SC extends Subrata's parole

SC extends Subrata's parole

The Supreme Court on Wednesday allowed Sahara chief Subrata Roy’s plea for extension of his parole till July 11 to enable him to deposit Rs 200 crore with market regulator Securities and Exchange Board of India (SEBI).

A three-judge bench presided over by Chief Justice T S Thakur directed Roy and Sahara Group director Ashok Roy Choudhary to furnish individual undertaking to prove their "bona fide" and seriousness. The court said if they failed, they would have to go back to Tihar jail.

The court, however, turned down plea made by senior advocate Kapil Sibal on behalf of Sahara boss that Roy and another company director should be allowed to remain out till August 4 to help them deposit Rs 500 crore.

To attend rituals

They were released on parole on May 6 for four weeks to attend rituals following the death of the Sahara chief's mother.

They have been in Tihar jail since March 4, 2014 on the orders of the apex court in relation to a long running dispute with market regulator SEBI. The court had earlier directed them to pay Rs 5,000 crore in cash and equal amount in bank guarantee for bail.

The bench, also comprising Justices Anil R Dave and A K Sikri, said Roy and Choudhary were free to meet prospective buyers of properties and move within the country in police escort as per May 6 order. Meanwhile, the court allowed the Sebi to continue with the auction of properties of Sahara.

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