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Sahara group chief gets 4-week parole

Apex court , while granting parole, says Roy will be under protection of policemen in plainclothes

Policy Pulse
Publish Date: May 6 2016 6:34PM | Updated Date: May 6 2016 6:34PM

Sahara group chief gets 4-week parole

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

 
Apex court , while granting parole, said that Roy will be under the protection of policemen in plainclothes during the parole period.
 
It also granted parole to Roy's son-in-law, Ashok Roy Choudhary, for the same period.
 
Roy's mother had died on Thursday.
 
Sahara chief has been in jail for more than two years for his failure to fulfil 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 Security and Exchange Board of India (SEBI), the amount now stands at about Rs.38,000 crore.