The Supreme Court on Thursday directed Sahara Group chief Subrata Roy to deposit Rs 600 crore before the Securities and Exchange Board of India by February 6 or go to jail.
The court said “too much indulgence has already been given to Sahara which is more than any other litigant.”
Subrata Roy’s interim parole was extended on November 28 till February 6, 2017, on the condition that he would deposit Rs 600 crore before his parole expires.
However, the Sahara chief had sought more time citing cites demonetisation and economic slowdown, a plea that the top court turned down today.
Roy was granted parole on May 6 this year to attend the last rites of his mother who had passed away on May 5. Besides Roy, his son-in-law Ashok Roy Choudhary too was released on parole.
Sahara Director Ravi Shankar Dubey was released on parole on July 11.
Subrata Roy, Ashok Roy Choudhary and Ravi Shankar Dubey were sent to judicial custody to Tihar Jail on March 4, 2014, for the failure of the Sahara Group's two companies – Sahara India real estate corporation (SIRECL) and Sahara Housing Investment Corporation Ltd. (SHICL) – to comply with court's August 31, 2012, order on repayment of depositors' money.
The apex court had directed the SIRECL and SHICL through its August 31, 2012, order to return investors' Rs 17,600 crore with 15 per cent interest that the two Sahara entities had collected through OFCDs.
The amount, according to Securities and Exchange Board of India (SEBI) counsel, now stands at Rs 36,000 crore.
