New Delhi: The Supreme Court today extended the parole granted to Sahara Group’s chief Subrata Roy till July 11 to enable him to deposit Rs 200 crore with the Securities and Exchange Board of India (SEBI). On May 6, he was granted two weeks’ parole by the top court to perform the last rites of his mother who passed away a day earlier.
Extending the parole, the apex court asked Roy and Sahara Group director Ashok Roy Chaudhary to furnish individual undertakings that they are serious in the effort to deposit the amount with the capital markets regulator.
Failure to do so by July 11 will result in Roy landing back in Tihar jail where he was housed since May 4, 2014, till the grant of parole.
“If they fail to deposit Rs 200 crore to SEBI by July 11, they have to surrender and go back to Tihar jail,” the top court said.
Roy is charged for his company’s failure to return about Rs 25,000 crore collected from small investors in the form of debentures later declared as illegal by stock market regulator SEBI and the Supreme Court.
During their parole, Roy and director Chaudhary will be free to move around the country in police escort. “They are free to meet prospective buyers of properties and move within the country in police escort as per May 6 order,” the court said.
(With PTI inputs)
Latest Business News
