Subrata Roy offers to pay additional Rs. 300 crores

Sahara group chief Subrata Roy on Friday told the Supreme Court that he is ready to pay additional Rs. 300 crores which should be adjusted with the bank guarantee.

In a breather to Sahara chief Subrata Roy, the apex court had on August 3 extended his parole till September 16 to enable him to deposit Rs 300 crores with market regulator Securities and Exchange Board of India (SEBI).

Earlier on July 11, the apex court had extended his parole on humanitarian grounds following the death of his mother, with a strict condition that he would have to deposit the balance of Rs. 300 crores out of the Rs. 500 crores promised by him.

Roy was granted parole on May 6 this year which was extended by two months on May 11.

The Sahara chief was sent to jail on May 4, 2014, for his failure to comply with 2012 order directing him to return investor's Rs. 17,600 crores with 15 percent interest that his two companies Sahara India Real Estate Corp Ltd and Sahara Housing Finance Corp Ltd had raised through optionally fully convertible debentures (OFCD) in 2007 and 2008.