Supreme court today extended parole of Sahara chief Subrata Roy till July 11th to enable him to deposit Rs 200 crore with market regulator SEBI.
A bench headed by Chief Justice T S Thakur, however, directed Mr. Roy and Sahara Group director Ashok Roy Chaudhary to furnish an individual undertaking that they are serious in the effort.
The top court also granted them freedom to meet prospective buyers of properties and move within the country in police escort. If the duo fail to deposit the amount by July 11th they have to surrender and go back to Tihar jail,the court warned.
The bench held that SEBI would meanwhile continue with the auction of properties of Sahara.It also said Sahara can go ahead with the sale and alienation of their other properties to raise the amount of Rs 5000 crore as a bank guarantee they have to deposit in addition to Rs 5000 crore to get bail.
The Supreme Court had ordered Roy’s release on parole for 4 weeks last friday, to attend rituals following the death of his mother.
Mr.Roy has been in Tihar Jail since March 4, 2014, for his companies’ failure to return about Rs 24,000 crore collected from small investors in the form of debentures later declared as illegal by SEBI and the Supreme Court.