SC extends Subrata Roy's parole, asks him to pay Rs 300 crore by August 3

While giving relief to the discredited Sahara India Pariwar chief Subrata Roy, the SC extended his parole to August 3 with a condition that he will pays Rs 300 crore or will be sent back to jail

SC extends Subrata Roy

The Supreme Court while extending the parole till August 3 to Sahara chief Subrata Roy has asked him to pay  Rs 300 crore . The bench headed by Chief Justice T.S. Thakur gave this ruling while hearing the Sahara - Sebi row.

The Supreme Court also told Roy that parole was given on humanitarian grounds and it should not be misused. It warned Roy 'either pay or go back to jail'.

The court had on 6 May allowed Roy and Ashok Roy Choudhary, his brother-in-law and a Sahara director, to go to Lucknow on a four-week parole to perform the last rites of Roy’s mother. Subsequently, the stay was extended as Roy promised to return investors’ money.

  The Sahara chief was sent to jail on May 4, 2014, for his failure to comply with 2012 order directing him to return investor's Rs 17,600 crore with 15 per cent interest that his two companies Sahara India Real Estate Corp. Ltd. and Sahara Housing Finance Corp. Ltd. had raised through optionally fully convertible debentures (OFCD) in 2007 and 2008.