SC grants four weeks parole to Sahara group chief

The Supreme Court on Friday granted a four week parole to incarcerated Sahara Group chief Subroto Roy to attend the last rites of his mother.

A bench of Chief Justice T.S. Thakur, Justice Anil R.Dave and Justice A.K.Sikri, while granting parole, said that Roy will remain under the protection of policemen in plainclothes during the parole period.

The court also granted parole to Roy's son-in-law, Ashok Roy Choudhary, for the same period.

Roy's mother had died on Thursday.

Roy is in jail for more than two years for his failure to comply with the top court's orders to return the money that his group companies - Sahara India Real Estate Corporation (SIRECL) and Sahara Housing Investment Corporation Ltd (SHICL) - collected from investors through optionally fully convertible debentures in 2008-2009.

The apex court by its March 4, 2014 order had sent Roy and two group directors - Ravi Shankar Dubey and Roy Choudhary - to Tihar Jail for not complying with its August 31, 2012 order for return of the collected Rs.17,400 crore along with 15 percent interest that took the sum to Rs.24,000 crore. It had on March 26, 2014 had said the group will deposit Rs.10,000 crore as part payment as a condition for their release.

According to market regulator SEBI, the amount now stands at abourt Rs.38,000 crore.

--IANS

pk/vd