SC extends Subrata Roy's parole

SC extends Subrata Roy's parole

SC extends Subrata Roy's parole

The Supreme Court on Monday extended Sahara chief Subrata Roy’s parole till August 3 on humanitarian grounds after his mother’s passing.

The court however asked him to deposit Rs 300 crore out of the Rs 500 crore he promised, saying he would be sent back to jail if he failed.

"Anyway you have to deposit balance Rs 300 crore. Either you pay or go back to jail," a three-judge bench presided over by Chief Justice T S Thakur said while reminding him of the May 11 order when he was given a breather for two months to allow him to deposit Rs 200 crore with market regulator Securities and Exchange Board of India (SEBI).

As Roy’s council and senior advocate Kapil Sibal pleaded for time till the year end for depositing Rs 300 crore, the bench, also comprising Justices an R Dave and A K Sikri, said: "we have already given you a long rope".

"According to you, your business is already destroyed. We cannot go like this for ever. Don't test our patience. How much time we will spend," the bench observed while reminding the senior advocate about the history of litigation in which Sahara was directed to refund Rs 36,000 crore to investors.

The court also told the counsel the Sahara chief had already faced incarceration from March 4, 2014 to May 6, 2016.

When Sibal pointed out difficulties in selling and alienating the properties, the bench said "why don't we appoint a receiver and entrust him all properties".

Meanwhile, the bench also granted parole to another Director of the Group, Ravi Shanker Dubey, jailed along with Roy and other director Ashok Roy Choudhary for their inability to refund the money to SEBI.

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