SC turns down Subrata Roy's plea for parole

The Supreme Court Tuesday turned down Sahara Group chairman Subrata Roy's plea for release on parole to arrange the sale of three overseas hotels to generate Rs.10,000 crore to be returned to investors.

A bench headed by Justice T.S. Thakur said that in case a concrete proposal came before the court regarding the sale of property, then it would examine it and permit him to be released from 10 a.m. to 4 p.m. for the time it took to finish the transaction.

The apex court had July 4 reserved its order on Roy's plea. Roy and two other directors Ravi Shankar Dubey and Ashok Roy Choudhary are currently under custody since March 4 for the failure of two group companies to comply with the apex court's Aug 31, 2012, and Dec 5, 2012, order to return investors' money, which in 2012 was Rs. 24,000 crore.