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Sahara Chief Subrata Roy ready to pay additional Rs 300 crore

Speed News Desk | Updated on: 26 August 2016, 13:28 IST

On 26 August, Sahara group chief Subrata Roy told the Supreme Court that he is ready to pay an additional Rs 300 crore, which should be adjusted with the bank guarantee.

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

Earlier on 11 July, 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 crore out of the Rs 500 crore promised by him.

Roy was granted parole on 6 May, 2016, which was extended by two months on 11 May.

The Sahara chief was sent to jail on 4 May, 2014, for his failure to comply with 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.


First published: 26 August 2016, 13:28 IST