Subrata Roy gets relief, SC extends parole till September 16

In a relief to Sahara Group chief Subrata Roy, the Supreme Court on Wednesday extended his parole till September 16.

Besides extension, Roy will have to deposit Rs. 300 crore more by that date. Earlier on July 11, the apex court had extended his parole on humanitarian grounds following the death of his mother, with a strict condition that he would have to deposit the balance of Rs. 300 crore out of the Rs. 500 crore promised by him. Roy was granted parole on May 6 this year which was extended by two months on May 11.

The Sahara chief 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 percent interest that his two companies Sahara India Real Estate Corp Ltd and Sahara Housing Finance Corp Ltd had raised through optionally fully convertible debentures (OFCD) in 2007 and 2008.