SC extends Subrata Roy’s parole till next hearing on April 17
New Delhi, Feb. 28: The Supreme Court on Monday has extended the parole of Sahara chief Subrata Roy till, April 17th. The Court has also asked the Ghaziabad development authority to deposit Rs 1100 crore to the apex court registry for acquiring land from Sahara Group of companies. While Sahara group has filed to the Apex court a list of properties which would be put to sale as a source of revenue. The Supreme Court asked Sahara to deposit a substantial amount of money to the Sahara-SEBI account.
Subrata Roy was once named among the 10 most powerful people of India. According to Time magazine, the Sahara Group was termed as ‘the second largest employer in India’, after the Indian Railways.
What led Subrata Roy to prison?
As Subrata Roy failed to appear before the court in connection with the Rs. 24,000 crore, the court has ordered to arrest him. The charge against him was that he failed to refund the Rs. 24,000 crore to his investors. Eventually, he was arrested on 28th February 2014 by the Uttar Pradesh police. The Supreme Court has issued an arrest warrant on the basis of a dispute existed between Subrata Roy and Market Regulator SEBI.
He was sent to Delhi Tihar Jail on 4th March 2014. The Supreme Court has rejected his bail plea. He was granted his first bail to perform the last rites for his mother in May 2016, which was later extended to the 24th of October.
And now the apex court fixed April 17 as the next date of hearing in the case while extending his parole.
The Supreme Court also asked Sahara Group to sell the properties of the company and to deposit a sum of Rs 5,000 crore.
The SEBI alleged that Roy has failed to comply with the apex court’s order directing him to return the investors’ money.
Sahara was once India’s high-profile firms. It has made several attempts to raise the bail amount using its prized overseas hotels that include the Plaza in New York and Grosvenor House in London.
There still exists disagreements between Sahara and SEBI. Sahara say that it has paid more than 80 percent of its dues to shareholders. While SEBI argues that the company has not paid more than Rs. 10,000 crores to its investors.