The Supreme Court in its ruling has given Sahara India Pariwar chairman Subrata Roy a relief with a rider. Though it has extended his parole till July 11 on the condition that he will deposit Rs 200 crore with the Securities and Exchange Board of India (SEBI). “Failure to deposit Rs 200 crore by July 11 shall land Roy back in Tihar jail,” said the court
The court also asked Roy and Sahara Group director Ashok Roy Chaudhary to furnish individual undertaking that they are serious in the effort.
After spending over two years in Tihar jail, Sahara chief was released on parole for four weeks on May 7 to attend the last rites of his mother who had died .Roy’s mother Chhabi Roy, 95, passed away in Lucknow after a prolonged illness.
In its order, the Supreme Court also said that if Roy and Chaudhary failed to deposit Rs 200 by July 11, they will have to surrender and go back to Tihar jail.
The duo are free to meet prospective buyers of properties and move within the country in police escort as per May 6 order, the court said.
Roy cannot come out of jail till he pays Rs 10,000 crore to market regulator SEBI, a bail condition SC has imposed. The group The group has been trying to raise funds since Roy’s arrest, but has failed in several past bids.
It may be noted that the top court sent him to jail after he failed to show up in court subsequent to a warrant issued against him. The top court had summoned Roy after his two companies failed to reimburse money to investors in compliance of an October 2013 verdict which declared Sahara’s two financial schemes invalid.
Roy before been sent to jail was known to flaunt his closeness to politicians, businessmen and Bollywood stars. And he would often with brazen arrogance threw lavish parties. He lived life king size till his clash with SEBI put him into trouble.
Roy had earlier often through his counsel Kapil Sibal pleaded before SC to grant him bail but SC was unmoved and in fact told Roy that “you are in jail by choice”.
“One thing which is troublesome is that the person (Roy) says there is an asset of Rs 1,85,000 crore. He tells the court that he has so much of money but when it comes to paying one-fifth of that he is unable to pay. You have to pay only the one-fifth of your amount. The person who is blessed with so much money is sacrificing his liberty in jail and not parting away with his property,” said a bench led by Justice T S Thakur.
The observations were made when senior advocate Kapil Sibal sought an interim reprieve, complaining it was not fair to put Roy inside the jail when the contempt proceedings against him over not complying with the orders to repay investors had not been decided.