Supreme Court extends parole of Sahara chief Subrata Roy till July 11

Zee Media Bureau

New Delhi: The Supreme Court on Wednesday extended parole of Sahara chief Subrata Roy till July 11 to enable him to deposit Rs 200 crore with SEBI.

The apex court asked Subrata Roy and Sahara Group director Ashok Roy Chaudhary to furnish individual undertaking that they are serious in the effort.

If they fail to deposit Rs 200 crore to SEBI by July 11, they have to surrender and go back to Tihar jail, the court said.

The Supreme Court further said that they are free to meet prospective buyers of properties and move within the country in police escort as per May 6 order.

It also held that SEBI would meanwhile continue with the auction of properties of Sahara.

The bench also said Saharas can also 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.

Roy has been in Tihar jail since March 4, 2014 on the orders of the apex court in relation to a long running dispute with market regulator SEBI.