SC extends parole of Sahara Chief Subrata Roy till April 17th

The Supreme Court on Monday extended the parole of Sahara chief Subrata Roy till April 17th and also asked the Ghaziabad development authority to deposit Rs 1100 crore to the apex court registry for acquiring land from Sahara.

Meanwhile, Sahara has filed a list of properties to the apex court which would be put to sell.

The apex court asked Sahara to deposit a substantial amount of money to the Sahara SEBI account.

One international real estate company, MG Capital holdings told the Apex court to purchase the London based New York Plaza hotel, as the company wanted to purchase Sahara stake in that hotel.

The Supreme Court asked the company to deposit an amount of Rs 750 crore to show the bona fide to purchase the hotel in New York

The apex court fixed April 17 as the next date of hearing in the case

The Supreme Court also asked Sahara to sell the properties and deposit a sum of Rs 5,000 crore of a substantial amount.

Subrata Roy was sent to Tihar jail on March 4, 2014, for not complying with the apex court's orders in connection with a long dispute with the market regulator, Securities and Exchange Board of India (SEBI).

The SEBI alleged that Roy allegedly failed to comply with the apex court's order directing him to return the investors' money.

Sahara, once among India's high-profile firms, has in the past made several failed attempts to raise the bail money using its prized overseas hotels that include the Plaza in New York and Grosvenor House in London.

Sahara says it has paid more than 80 percent of the dues to share-holders, but SEBI has disputed that and said the company has not paid more than Rs. 10,000 crores.