The parole was granted by the court on humanitarian grounds cannot be misused, the bench headed by Chief Justice of India T S Thakur said and asked him to 'either pay or go back to jail.'
Warning Sahara group chief Subrata Roy that his bail will be cancelled in case he failed to comply with the court directions, the Supreme Court on Monday asked him to deposit Rs 300 crore more by August three.
The parole was granted by the court on humanitarian grounds cannot be misused, the bench headed by Chief Justice of India T S Thakur said and asked him to 'either pay or go back to jail.'
It also extended Roy's parole till August three. The parole was to expire on July 11.
"Anyway you have to deposit balance Rs 300 crore. Either you pay or go back to jail. We have already given you a long rope but we are not satisfied with your efforts to deposit money," a bench said and referred to its previous May 11 order while granting him parole for two months to enable him deposit Rs 200 crore with market regulator Securities and Exchange Board of India (SEBI) which is part of bail condition.
Roy was sent to jail on May 4, 2014, for his failure to comply with 2012 order directing him to return investor's Rs 17,600 crore with 15% interest that his two companies Sahara India Real Estate Corp. Ltd. and Sahara Housing Finance Corp had raised through optionally fully convertible debentures (OFCD) in 2007 and 2008.
The court also allowed Sahara to sell its properties at circle rates while lifting restriction on sale of properties at market value.
The properties included 600 acre Aamby Valley in Mumbai and three overseas hotels -- Grosvenor House Hotel in London, the New York Plaza and Dream New York hotels.
Sahara's counsel Kapil Sibal told the court that the negotiations with Qatar Investment Authority on sale of overseas hotels is on and three months more time was required to finalise the deal to sell the offshore properties.
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 "Subrata Roy")
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