Extension of Subrata Roy’s Parole

Subrata Roy, the Sahara Group Chief has been out on parole since May on account of his mother’s death. Later, he filed a petition seeking extension so that he can return the money to the investor. A bench comprising Justice Dipak Misra, Justice Ranjan Gogoi, Justice SK Sikri extended parole of Subrata Roy till April 17, 2017. It also directed the Ghaziabad Development Authority to deposit, Rs.1100 crore acquired land from Sahara and also directed Sahara Group to deposit Rs. 5092.6crore by April 7, if he wants to remain out of jail. The list of properties have been submitted and if the group deposits “substantial amount”, then it may extend the time to sell other properties. The court has also asked an international real estate firm which has shown willingness to buy Sahara’s stake in New York based Plaza Hotel for 550 million USD, to deposit Rs. 750 crore by April 10. “In view of the aforesaid, we permit the contemnor to sell the properties mentioned in part A (of the list), barring items 14 and 15, and any other properties mentioned in part B which are unencumbered and to deposit Rs 5092.6 crore on or before April 7. The amount shall be deposited in the SEBI-Sahara refund account,” the bench added.

Tagged

Leave a Reply