SC revokes Subrata Roy's parole, sends him back to jail

In a major setback to business tycoon Subrata Roy, a livid Supreme Court on Friday refused to extend his parole and ordered the Sahara Group chief to be taken into custody till October 3.

After hearing the application filed by the Securities and Exchange Board of India's (SEBI) to appoint a receiver for attaching the properties of the paroled Sahara chief, the apex court bench comprising of Chief Justice T S Thakur, Justices D Y Chandrachur and A M Khandulkar angrily said, "Interim arrangement of Subrata Sahara has been cancelled."

One of the lawyers appearing for the market regulator told the top court that the properties given by the Sahara Group chief have already been attached by the income tax department.

He added that as properties are attached, the SEBI cannot sell them.

The court will next hear the matter on October 3 when the custody of Subrata Roy will end in Delhi's Tihar Jail.

The apex court had on September 16 extended Roy's parole till Friday.

Roy had been out on parole since May after serving a two-year term in Delhi's Tihar Jail, to hold his mother's last rites, who passed away after a prolonged illness.

In one of the last hearings, their bail was extended till September 16 on the condition that the Sahara Group deposit Rs 300 crores with the apex court.

The apex court had asked Sahara India to reveal the source of the Rs 18,000 crore it had claimed to have paid back to the investors.