The Supreme Court on Monday extended the parole granted to Sahara Group owner Subrata Roy until August 3. The apex court also asked him to pay Rs 300 crore more, and said he was granted parole on "humanitarian grounds", adding that it should not be misused.
Roy had moved the Supreme Court seeking bail in connection with a dispute with market regulator Securities And Exchange Board Of India, reported Hindustan Times. The company, through its lawyer also sought bail for directors Ashok Choudhary and RS Dubey.
The Sahara India chairman was released on parole on May 6 for four weeks to perform the last rites of his mother. Later, the apex court extended his parole till July 11 and directed him to deposit Rs 200 crore with Sebi. Roy was sent to Tihar Jail in March 2014, after he failed to comply with a court order, which directed him to refund money that was raised from investors by selling them bonds that were later ruled illegal. Sahara needs to arrange for Rs 10,000 crore – partly in cash and the remaining in the form of bank guarantees – to secure bail for Roy and two other directors in jail.
On February 2, Sahara had sought permission from the Supreme Court to sell its 42% stake in Formula 1 team Force India, four airplanes and its Sahara Star Hotel in Mumbai to raise Rs 3,000 crore of the Rs 10,000-crore bail bond set for Roy's release. The company had also said negotiations were underway to sell three of its overseas hotels – the Grosvenor House Hotel in London, the New York Plaza Hotel and the Dream New York Hotel.
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