SC asks Subrata Roy to deposit another Rs 200 crore to remain on parole

The Supreme Court on Friday asked Sahara Group chief Subrata Roy to deposit another Rs 200 crore by November 28, as it extended its interim order granting him parole till then.

Besides Ray, the parole of his son-in-law Ashok Roy Choudhary and Sahara`s Director Ravi Shankar Dubey too has been extended.

The bench of Chief Justice T.S. Thakur, Justice Anil R. Dave and Justice A.K. Sikri asked the Sahara Group to deposit Rs 200 crore after senior counsel Kapil Sibal submitted a draft of Rs 215 crore, as ordered on September 28.

Sibal said that Sahara was ordered to deposit Rs 200 crore by September 28 order. "But, instead of Rs 200 crore, they are depositing Rs 215 crore. Thus, by November 28, they would need to deposit Rs 185 crore only."

The next hearing of the matter would take place on November 28.

Meanwhile, in pursuance of the September 28 direction, the Sahara Group on Friday submitted a roadmap for returning the investors` money that according to SEBI stands at about Rs 36,000 crore. The roadmap submitted by Sahara on Friday is spread over 26 months up to December 2018, by which time Sahara proposes to refund the investors` money.

The Sahara Group`s two companies -- Sahara India Real Estate Corporation Ltd (SIRECL) and Sahara Housing Investment Corporation Ltd (SHICL) -- had raised through Optionally Fully Convertible Debenture (OFCDs) money from about 3.3 crore investors in 2008 and 2009.

The apex court by its August 31, 2012, order directed the SIRECL and SHICL to return the investors` Rs 17,600 crore with 15 per cent interest.

Sibal on Friday informed the court that the proposed roadmap has been shared with market regulator SEBI and amicus curiae Shekhar Naphade, and that there are some areas that need to be discussed.

While allowing a free hand to Sahara to sell its assets, which are not attached, to raise the money, the court asked the SEBI to consider the fresh bids willing to pay more money for the five properties that have already been put on the block.

Roy was granted parole on May 6 this year to attend the last rites of his mother, who had passed away the previous day. Besides Roy, his son-in-law Ashok Roy Choudhary, too, was released on parole.

Sahara Director Ravi Shankar Dubey was released on parole on July 11.

Subrata Roy, Ashok Roy Choudhary and Ravi Shankar Dubey were sent to judicial custody to Tihar Jail on March 4, 2014, for the failure of SIRECL and SHICL to comply with the court`s August 31, 2012 order on repayment of depositors` money.