SC refuses to extend Sahara Chief Subrata Roy’s parole

Subrata Roy-wefornews

Delhi, 23 Sept: The Supreme Court on Friday refused to extend the parole of  Sahara chief  Subrata Roy and and two other directors and ordered to take them into in Custody till october 3.

The SC pronounced the order while hearing the Securities and Exchange Board of India’s (SEBI) application to appoint a receiver for attaching the properties of paroled Sahara chief Subrata Roy. The Top court had on September 16 extended Roy’s parole till today.

Sahara chief has been out on parole since May after serving a two-year term in Delhi’s Tihar Jail, to perform last rites of his mother who passed away after a prolonged illness.

In one of the last hearings, their bail was extended till September 16 on the condition that the Sahara Group deposit Rs. 300 crores with the Top court. The apex court had also asked Sahara India to reveal the source of the Rs. 18,000 crore it had claimed to have paid back to the investors.

Meanwhile, the Securities and Exchange Board of India on Thursday presented the fact before Supreme Court that no useful purpose would be served by proceeding with the auction of Sahara properties in the second phase as most of them were in provisional attachment of Income Tax department.

It has also sought hearing on its 2015 application for the appointment of a receiver for taking over the control of Sahara properties.

Read full story at: Sebi asks SC to stay ‘Sahara properties’ auction

Wefornews Bureau

#Subrata Roy #Sahara


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