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Sahara chief Subrata Roy gets temporary relief from court

(Reuters) - India's Supreme extended embattled conglomerate chief Roy's parole by a week on Friday, temporarily staying an order it had issued just hours before that he be taken back into custody.

was first arrested in March 2014 after Sahara, a household name in India, failed to comply with a order to refund 360 billion rupees ($5.4 billion) raised from millions of small investors by selling them bonds later ruled to be illegal.

was released from prison on parole in May and the hearing on Friday was to determine whether it should be extended.

The initially rejected the parole application and ordered return into custody until Oct. 3, the date for the next hearing. But later, after an appeal from his lawyers, the granted him interim parole until Sept. 30. The Oct. 3 hearing has been brought forward to Sept. 28.

Embattled has been trying to raise funds since Roy's arrest by selling real estate assets but has failed in several past bids. has also previously said it had repaid 95 percent of its liability, a claim which has not been accepted by the court.

Sahara, the former main sponsor of India's national cricket team, has some prized assets, including New York's Plaza Hotel, the Grosvenor House in London, Star hotel in Mumbai and a stake in a Formula One racing team.

In March, the asked the national markets regulator, the Securities and Exchange Board of (SEBI), to submit a plan for selling Sahara's 86 properties in the country excluding its overseas assets, Star hotel in Mumbai and Aamby Valley luxury resort in the hills of western India.

The decision, earlier on Friday, to not grant a further extension was made after SEBI told the it was unable to raise money from the properties as they had been requisitioned by the income tax department against unpaid dues.

SEBI on Friday also made an application in to appoint a receiver to handle Sahara's properties.

($1 = 66.6300 Indian rupees)

(Reporting by Suchitra Mohanty; Writing by Aditi Shah; Editing by Kenneth Maxwell)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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Business Standard

Sahara chief Subrata Roy gets temporary relief from court

Reuters  |  NEW DELHI 

(Reuters) - India's Supreme extended embattled conglomerate chief Roy's parole by a week on Friday, temporarily staying an order it had issued just hours before that he be taken back into custody.

was first arrested in March 2014 after Sahara, a household name in India, failed to comply with a order to refund 360 billion rupees ($5.4 billion) raised from millions of small investors by selling them bonds later ruled to be illegal.

was released from prison on parole in May and the hearing on Friday was to determine whether it should be extended.

The initially rejected the parole application and ordered return into custody until Oct. 3, the date for the next hearing. But later, after an appeal from his lawyers, the granted him interim parole until Sept. 30. The Oct. 3 hearing has been brought forward to Sept. 28.

Embattled has been trying to raise funds since Roy's arrest by selling real estate assets but has failed in several past bids. has also previously said it had repaid 95 percent of its liability, a claim which has not been accepted by the court.

Sahara, the former main sponsor of India's national cricket team, has some prized assets, including New York's Plaza Hotel, the Grosvenor House in London, Star hotel in Mumbai and a stake in a Formula One racing team.

In March, the asked the national markets regulator, the Securities and Exchange Board of (SEBI), to submit a plan for selling Sahara's 86 properties in the country excluding its overseas assets, Star hotel in Mumbai and Aamby Valley luxury resort in the hills of western India.

The decision, earlier on Friday, to not grant a further extension was made after SEBI told the it was unable to raise money from the properties as they had been requisitioned by the income tax department against unpaid dues.

SEBI on Friday also made an application in to appoint a receiver to handle Sahara's properties.

($1 = 66.6300 Indian rupees)

(Reporting by Suchitra Mohanty; Writing by Aditi Shah; Editing by Kenneth Maxwell)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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Sahara chief Subrata Roy gets temporary relief from court

NEW DELHI (Reuters) - India's Supreme Court extended embattled Sahara conglomerate chief Subrata Roy's parole by a week on Friday, temporarily staying an order it had issued just hours before that he be taken back into custody.

(Reuters) - India's Supreme extended embattled conglomerate chief Roy's parole by a week on Friday, temporarily staying an order it had issued just hours before that he be taken back into custody.

was first arrested in March 2014 after Sahara, a household name in India, failed to comply with a order to refund 360 billion rupees ($5.4 billion) raised from millions of small investors by selling them bonds later ruled to be illegal.

was released from prison on parole in May and the hearing on Friday was to determine whether it should be extended.

The initially rejected the parole application and ordered return into custody until Oct. 3, the date for the next hearing. But later, after an appeal from his lawyers, the granted him interim parole until Sept. 30. The Oct. 3 hearing has been brought forward to Sept. 28.

Embattled has been trying to raise funds since Roy's arrest by selling real estate assets but has failed in several past bids. has also previously said it had repaid 95 percent of its liability, a claim which has not been accepted by the court.

Sahara, the former main sponsor of India's national cricket team, has some prized assets, including New York's Plaza Hotel, the Grosvenor House in London, Star hotel in Mumbai and a stake in a Formula One racing team.

In March, the asked the national markets regulator, the Securities and Exchange Board of (SEBI), to submit a plan for selling Sahara's 86 properties in the country excluding its overseas assets, Star hotel in Mumbai and Aamby Valley luxury resort in the hills of western India.

The decision, earlier on Friday, to not grant a further extension was made after SEBI told the it was unable to raise money from the properties as they had been requisitioned by the income tax department against unpaid dues.

SEBI on Friday also made an application in to appoint a receiver to handle Sahara's properties.

($1 = 66.6300 Indian rupees)

(Reporting by Suchitra Mohanty; Writing by Aditi Shah; Editing by Kenneth Maxwell)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

image
Business Standard
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