SC extends Sahara chief Subrata Roy's parole till 16 September, will have to pay Rs 300 crore

In a relief to Sahara Group chief Subrata Roy, the Supreme Court today extended his parole till 16 September.

Apart from the extension, Roy will have to deposit an additional Rs 300 crore by that date.

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

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

The Sahara chief was sent to jail on 4 May, 2014, for failure to comply with the 2012 order directing him to return investors' Rs 17,600 crore with 15% 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.

-ANI