Subrata Roy told to deposit Rs 600 cr by Feb 6 2017; parole extended

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Subrata RoyThe Supreme Court on November 26 asked Sahara Group Chief Subrata Roy to deposit Rs 600 crore. Extending his parole, the apex court said he will have to surrender if the deposits are not made by the deadline.

Roy, out on parole since his mother’s death in May this year, was told to surrender if he cannot couldn’t pay the money by February 6, 2017.

It may be noted here that the Sahara Group was engaged in a legal battle with Sebi over refund of Rs 24,000 crore to investors. Sahara has paid Rs 11,000 crore so far and submitted a plan for payment of the remainder in two-and-a- half years

In October, the court had extended his parole till November 28 after taking note of the deposit of Rs 200 crore made by him with Sebi as a condition precedent for his release.

A bench of Chief Justice of India TS Thakur and Justice Anil R Dave and Justice AK Sikri passed this order after Roy’s counsel, advocate Kapil Sibal, informed the court that as per the court’s order on September 28, a total of Rs 215 crore had been deposited with the Sebi and that Rs 15 crore could be adjusted towards future installments.