New Delhi: The Supreme Court on Monday extended Sahara Chief Subrata Roy's parole till August 3. The court said that the parole was granted on the humanitarian basis so that the Sahara group can deposit RS 200 crore with Securities and Exchange Board of India (SEBI).
The Sahara Chief was asked by Supreme Court to pay 300 crores till August 3 or go back to jail.
SC says parole(to Subrato Roy) given on humanitarian grounds,process cannot be misused,warns Roy 'either pay or go back to jail'
— ANI (@ANI_news) July 11, 2016
“In compliance of the May 11 order, the applicants are depositing Rs 200 crore, despite Sebi’s non-cooperation, which establishes their bona fide. In addition, efforts are being made to further arrange approximately Rs 300 crore in respect of which directions are being sought from the court,” the application that was filed by the Sahara group read.
Subrata Roy was earlier released on parole on May 6 after spending over two years in Tihar jail to attend the last rites of his mother. The parole was set to expire on June 4.
Since the arrest of the Sahara Chief, the business has crippled and the group is going in losses.
Subrata Roy was arrested on March 4, 2014.