Subrata Roy gets 10-day reprieve to pay Rs 709 cr

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The Supreme Court today granted Sahara chief Subrata Roy 10 more working days to deposit Rs709.82 crore out of the promised Rs 1,500 crore and extendedits interim order granting him bail till July 5.

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.

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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.

The SEBI court was to frame charges in the case against Roy and his three group firms' directors - Ravishankar Dubey, Ashok Roy Choudhary and Vandana Bhargava.

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