May 12, 2016 1:32:38 am
Inclined to “give one chance” to Sahara chief Subrata Roy, the Supreme Court Wednesday extended his parole till July 11 to enable the group to deposit Rs 200 crore with Sebi. The parole, granted to Roy and two other directors of Sahara following the death of his mother, was set to expire on June 4.
While extending the time period, a bench led by Chief Justice T S Thakur directed Roy and Sahara Group director Ashok Roy Choudhary to furnish individual undertakings to prove their bonafide and seriousness.
Roy and the directors were put behind the bars since March 2014 on the orders of the apex court over their reported failure to repay the investors and deposit money with the Sebi.
On Wednesday, the bench, also comprising justices A R Dave and A K Sikri, made it clear that Roy would have to go back to prison if he fails to deposit Rs 200 crore by July 11. “You must stick to your promises now. Earlier promises were broken. We hope you would not want to go back (to jail),” the bench told Roy’s counsel Kapil Sibal.
Sibal assured the bench that the group will deposit Rs 200 crore with SEBI by July 11 and another Rs 200-300 crore could be arranged by August 4 if the court extends the parole further. The bench replied that it would examine the plea for grant of parole till August 4 after Roy and the group are able to fulfill their commitment by July 11.
It also said Roy was free to meet prospective buyers of properties and move within the country in police escort as per May 6 order. The police chiefs of Delhi and Uttar Pradesh will have to be kept informed about his movements, the court said.
While Sebi would continue with the auction of properties of Sahara, the bench said that Sahara could also go ahead with the sale and alienation of their other properties to raise the amount of Rs 5000 crore as a bank guarantee they have to deposit in addition to Rs 5,000 crore to get regular bail.
The order was passed after Sibal requested for the reprieve, saying properties could not be sold because the real estate market was down and that more money could be raised only if Roy is allowed to stay outside and negotiate.
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