The Supreme Court on Monday granted extension of parole to Sahara chief Subrata Roy till August 3 and gave him liberty to sell any of his properties for arranging Rs10,000 crore, fixed as a condition by Court for his release from jail.
Roy, who is out of jail for the past two months, following demise of his mother, has fulfilled part of his bail condition by arranging for Rs5,000 crore in cash. However, the remaining amount to be deposited by way of bank guarantee is still outstanding.
Senior advocate Kapil Sibal, who appeared for Roy and two other Directors of the company incarcerated with Roy submitted to Court six cheques totaling Rs200 crore. The bench of Chief Justice TS Thakur, Justices AR Dave and AK Sikri agreed to extend the parole on the condition that by August 3, Roy furnishes another sum of Rs300 crore.
The bench told Sibal that Roy must be prepared to go back to jail if he makes no serious attempt to arrange the remaining sum of Rs5000 crore for his release.
“We gave you a long rope but for two months you have done nothing,” the bench said. Sibal said that previous orders of the apex court barred Sahara from selling any of its properties other than a list of 19 properties. Also, the properties were to be sold at market price that discouraged buyers from coming forward. The bench granted the request and permitted Sahara to sell any of its properties at not less than 90 per cent of circle rate.
The bench told Sibal that on August 3 if no concrete proposal to pay is in place, the bench will consider SEBI’s request to appoint a receiver for sale of Sahara properties. Meanwhile, the Court granted parole to the lone incarcerated Director of Sahara companies, 55-year-old RS Dubey.