SC extends Roy's parole for second time

Imposes strict condition that he has to deposit Rs 300 cr more by September 16 to stay out of jail

The Supreme Court on Wednesday extended the parole for Sahara boss Subrata Roy for a second time, but imposed a strict condition that he has to deposit Rs 300 crore more by September 16 to stay out of jail.

Roy's counsel Kapil Sibal submitted that Roy has already deposited Rs 306 crore with the Securities and Exchange Board of India (Sebi) as ordered by the court. But, he wants time till December to raise the balance amount to comply with the conditions laid down for his release.

The bench headed by the Chief Justice refused to give him more time. Sibal said the Sahara group was prepared to give a bank guarantee for the remaining amount for Roy's release.

He said the deal to sell two hotels in New York was in advanced stages.

When the Bench expressed doubts about such proposals, Sibal insisted all commitments made to the court have been honoured and "we are not playing games".

Sebi counsel Arvind Datar said it has sold eight properties belonging to the group for which it has received Rs 197 crore. However, he complained Sahara was coming with higher offers after the auction. He remarked concluded auctions should not be reopened. The court allowed Sebi to go ahead with the second round of e-auction for the group's properties.

If the group can get a price by selling its assets which is higher than what the Sebi can fetch from its auction, then it may inform Sebi and give a list of such properties. Such properties shall be taken off the auction list.

Earlier, the parole for Roy was extended on July 11 till August 3 on condition that he pays Rs 300 crore. Now, since the condition has been fulfilled, the court demanded another Rs 300 crore.