- 1Pay Rs 600cr by Feb 6 or go to jail: Supreme Court tells Subrata Roy.
- 2Roy is out of jail on parole granted to him in May last year.
- 3Roy and two other directors of Sahara were sent jail on March 4, 2014.
The Supreme Court today warned Sahara Group chief Subrata Roy that his parole will be cancelled if he fails to pay Rs 600 crore by February 6. The Sahara Group is engaged in a long legal battle with the Securities and Exchange Board of India (SEBI) over refund of Rs 24,000 crore to investors.
"You have been given a lot of time. You must make the scheduled payment by February 6 to stay out of jail," the top court told Sahara counsels.
Roy, 68, is currently out of jail on parole which was granted to him following his mother's death in May, 2016.
Roy and two other directors of Sahara were sent to Tihar jail in New Delhi on March 4, 2014 over their failure to comply with the Supreme Court's August 31, 2012 order asking the company to return to investors the money the two companies had raised with 15 per cent interest.
Sahara had raised Rs 24,000 crore through its two group companies in 2008-09 through optionally fully convertible debentures (OFCDs).
The Supreme Court is hearing a contempt plea by SEBI against the two companies - Sahara India Real Estate Corp Ltd (SIRECL) and Sahara Housing Finance Corp Ltd (SHICL) - for not complying with its order directing the companies to return investors Rs 17,600 crore.
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