November 28, 2016 4:10:41 pm
In a big relief to Sahara chief Subrata Roy, the Supreme Court on Monday extended his interim bail and ordered him to pay Rs 600 crore to SEBI by February 6, 2017 if he wishes to remain out of jail. The court said Roy, who is out on parole as of now, will have to surrender if he fails to make the payment.
The court further asked SEBI and amicus curiae Shekhar Naphade to respond to the fresh repayment plan submitted in the court by the Sahara chief. The bench said it will consider appointment of a receiver to auction the company properties.
On October 25, the top court had extended Roy’s parole till November 28 after the company deposited Rs 200 crore with the SEBI for repayment of investors. After spending over two years in jail, Roy was released on parole when his mother died in May this year. His parole, as well as that of directors Ashok Roy Choudhary and Ravi S Dubey, was subsequently extended on the condition that they should deposit money for refunding investors at regular intervals.
Meanwhile, the regulator SEBI put up as many as five parcels of land of the company for e-auction in a bid to recover money through the sale of Sahara assets. Earlier, 13 properties were put on the block in October and their combined reserve price was about Rs 1,400 crore. Prior to that, 58 properties were auctioned in July with a collective reserve price of nearly Rs 5,000 crore.
(With inputs from PTI)
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