SC grants 4 week interim bail to Subrata Roy to attend mother's funeral
After spending more than two years in Tihar, the troubled Sahara India Pariwar Chairman Subrata Roy was granted interim bail by Supreme Court for 4 weeks to attend the last rites of his mother
Finally after spending two years behind Tihar jail, "Saharasri" Subrata Roy, Chairman of Sahara India Pariwar will walk out of jail. The Supreme Court has agreed to his plea for parole to perform the last rites of his mother. SC has granted him interim bail for four weeks . The matter was heard before a bench headed by chief justice T.S. Thakur,
Earlier, the Jailed Sahara chief Subrata Roy moved the Supreme Court, seeking a three-week parole to participate in the last rites of his mother Chabbi Roy, 95, who passed away in Lucknow after a prolonged illness.
The high flying Subrata Roy , known to flaunt his connections with the Politicians and Bollywood celebrities and throw lavish parties was in Tihar jail for over two years now over non-payment of money to Sahara investors.
As per SC orders Roy will remain under the protection of policemen in plainclothes during the parole period. The court also granted parole to Roy's son-in-law, Ashok Roy Choudhary, for the same period.
Roy is in jail for his failure to comply with the top court's orders to return investors' money that his two companies of the Sahara Group -- Sahara India real estate corporation and Sahara Housing Investment Corporation Ltd. --- collected through OFCDs (Optionally Fully Convertible Debentures) in 2008 and 2009.
On 29 March, the Supreme Court had asked capital market regulator Securities and Exchange Board of India (Sebi) to initiate the sale of Sahara’s properties.
Sebi had maintained that it would not be easy to sell these properties, based on a preliminary scrutiny of the titles of the properties.
Few days back Subrata Roy's counsel Rajeev Dhawan, had pressed for his release stating : “The court should consider granting parole to him or put him under house arrest. I am required for compliance of order of this court and I am not required for any offence.My client’s health is deteriorating and he may not be able to survive another summer in jail.” (IANS & agencies)