Supreme Court rejects Sahara Chief Subrata Roy’s parole extension beyond July 15

The Supreme Court on Monday rejected Sahara chief Subrata Roy’s request to extend parole beyond July 15 for realisation of Rs 552.21 crore cheque, reported news agency PTI. The apex court had earlier extended his parole until July 5 with a final warning. Subrata Roy has already deposited Rs 790.18 crore with SEBI-Sahara account. The apex court Wednesday noted that Roy had earlier deposited two cheques of Rs 1,500 crore and Rs 552.22 crore to be paid to the Securities and Exchange Board of India on June 15 and July 15 respectively and now Rs 9,000 crore remained due on the principal amount of Rs 24,000 crore.

The apex court also warned him saying that if he fails to pay the amount, it would direct commencement of the auction process for property worth Rs 34,ooo crore belonging to the Sahara group in Maharashtra’s Aamby Valley. It also accepted the terms and conditions and the draft proclamation, prepared by Vinod Sharma, the official liquidator of the Bombay High Court, for auction of properties at Sahara’s Aamby Valley.

The court had granted Roy four-weeks parole on May 6, 2016 to attend his mother’s funeral. Ever since the court has extended his parole. He was sent to Tihar jail on March 4, 2014 over non-compliance of the SC order asking his companies Sahara India Real Estate Corporation and Sahara Housing Investment Corp Ltd to return Rs 24,000 crore to investors.

Besides Roy, two other directors -Ravi Shankar Dubeyand Ashok Roy Choudhary were arrested for failure of the group’s two companies – Sahara India Real Estate Corporation(SIRECL) and Sahara Housing Investment Corp Ltd (SHICL).