SC asks Sahara chief to pay 300Crs or go to jail
posted on Jul 11, 2016 @ 5:57PM
Sahara Group chief Subrata Roy's parole was extended by the Supreme Court on Monday till August 3. But the court also had something big to add to the judgement. While warning him that he has been granted parole on humanitarian ground and it shouldn't be misused. SC also asked the eminent businessman to pay Rs 300 crore more. It has asked him to 'either pay or go back to jail.' Roy was granted parole on May 6 this year on account of hismother's death, which was extended by two months on May 11, that is till July 11 and the court asked him to deposit Rs 200 crores with SEBI.
The Sahara chief was sent to jail on May 4, 2014. Subrata Roy has been in Tihar jail since the last two years in the case of defrauding small investors of Rs 36,000 crore by way of a ponzi scheme. Out of this amount, he has paid up to Rs 12,000 crore to Sebi in lieu of the financial irregularities. The apex court had expressed disbelief and demanded to know why he chose to stay in jail when his assets could have covered the bail amount.