The Supreme Court on Wednesday extended Sahara India Chairman Subrata Roy’s parole till September 16 and asked him to deposit Rs 300 crore more. He was released on parole on May 6 for four weeks after his mother died, and the apex court extended it twice more before the hearing on Wednesday. He was directed to pay Rs 500 crore in the time he has been on parole.
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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