Supreme Court extends Sahara chief Subrata Roy's parole till April 17

Sebi had moved the apex court in August 2012 to recover Rs36,000 crore from Sahara to refund investors who bought securities from two group firms

Supreme Court extends Sahara chief Subrata Roy's parole till April 17

In a recent development, the Supreme Court of India has extended the parole of Sahara chief Subrata Roy April 7.

Subrata Roy, his son-in-law Ashok Roy Choudhary and group Director Ravi Shankar Dubey, who are now out on parole, were sent to Tihar Jail on March 4, 2014, for failure of the two companies to comply with the court's August 31, 2012, order. However, it allowed it to sell assets mentioned in the list furnished by the group for refund of money.

Meanwhile, the court asked entity willing to buy Sahara's stake in USA hotel to deposit Rs.750 cr in the apex court registry by April 10. In its order, the court recorded that potential buyer should first deposit Rs. 750 crore with Supreme Court Registry to prove that its interest is bonafide.

Sahara had granted a list of properties and valued 13 of them at the amount mentioned above.

Another Rs 1,111 crore would come from the Ghaziabad Development Authority. The Supreme Court has rejected his bail plea. The next date of hearing in the case is in April and Sahara has promised to deposit another large tranche by then.

The apex court had earlier directed attachment of the group's prime property worth Rs 39,000 crore at Aamby Valley in Pune for realisation of money to be paid to its investors. One global real estate company, MG Capital holdings told the Apex court to purchase the London based New York Plaza hotel, as the company wanted to purchase Sahara stake in that hotel.

Sahara has filed a defamation case in a Patna court against Mint's editor and some reporters over the newspaper's coverage of the company's dispute with the Securities and Exchange Board of India.

The bench refused to grant six months to the group to sell its properties.

Roy, who set up a multi-million dollar business conglomerate, was sent to jail by the top court in 2014 after his group failed to repay the amount to its two crore small investors as ordered by the court. SEBI had said, earlier in February 2017, that the Sahara Group still has to pay Rs 14,779 crore towards principal.

However, on account of Roy's mother's demise in May past year, the apex court permitted his release on parole.

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