The court extended time till July 4 for the payment of Rs 709.82 crore, as Sibal appearing for Roy, urged the court to give them time of ten working days so that Rs 619 crore that they would be getting from the sale of Sahara stakes in Grosvenor House Hotel are remitted to SEBI Sahara Refund Account.
At the previous hearing, Roy had furnished two post dated checks to the tune of Rs 1,500 crore and Rs 552.21 crore (payable by July 15) to ward off his bail cancellation. It reminded senior advocate Kapil Sibal, Roy's counsel, that he had assured that if the two cheques for Rs 1,500 crore were not honoured, the Sahara chief could be sent to custody. The apex court had on April 27 accepted Roy's undertaking to pay Rs1,500 by June 15 while refusing to halt the auction process for sale of its luxurious 8,900-acre Aamby Valley City project. He sought more time so that the balance amount of Rs 709.82 crore could be deposited.
The apex court had on April 6 warned the Group that if it failed to deposit Rs 5,092.6 crore in SEBI-Sahara refund account by April 17 in pursuance of its order, it will be "compelled" to auction its property at the Aamby Valley.More news: Canada releases new defense policy
On May 6, 2016, it granted Mr. Roy four-week parole to attend his mother's funeral.
Irked over non-submission of money, the Supreme Court, on April 17, made a decision to sell property worth ₹34,000 crore belonging to the Sahara group in Maharashtra's Aamby Valley and had sought Mr. Roy's presence before it. Thereafter, his parole has been extended repeatedly by the top court. Roy was sent to Tihar jail on March 4, 2014.