Roy, 67, was arrested after the Sahara Group failed to comply with a court order for refunding money raised from millions of small investors by selling them bonds later ruled to be illegal. His bail had been set at Rs 10,000 crore by the Supreme Court in earlier hearings. However, the Sahara Group has failed to raise that money.
The temporary parole granted to him now is on humanitarian grounds. A Sahara group spokesperson said in a statement that Chhabi Roy was the “guiding light of Sahara India Pariwar . She has been ailing for past two years and was at a makeshift hospital at Lucknow,” said the statement.
The group has been trying to raise funds ever since Subrata Roy’s arrest but has failed to comply with the SC’s order to return 360 billion rupees ($5.3 billion) to investors.
The Supreme Court has agreed to hear the plea of Sahara chief Subrata Roy seeking parole to perform cremation rites of his mother who passed away in the wee hours this morning.
A bench headed by Chief Justice T S Thakur said the matter would be taken up later. Senior advocate Kapil Sibal sought parole for the beleaguered businessman.