SC extends Sahara chief Subrata Roy’s parole

New Delhi, May 11

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The Supreme Court on Wednesday extended Sahara chief Subrata Roy's parole till July 11 to enable him to deposit Rs 200 crore with the Securities and Exchange Board of India (SEBI).

The country’s top court also told Roy and Sahara Group's director Ashok Roy Chaudhary to furnish individual undertakings that they were "serious" about depositing the money.

Roy would have to turn himself in if they failed to deposit the sum, the court said.

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“They are free to meet prospective buyers of properties and move within the country in police escort according to the May 6 order,” the court said.

The Supreme Court had ordered Roy’s release on parole on May 6, a day after his mother Chhabi Roy died in Lucknow, for four weeks.

Roy has been in Tihar Jail since March 4, 2014, for his companies’ failure to return about Rs 25,000 crore collected from small investors in the form of debentures later declared as illegal by stock market regulator SEBI and the Supreme Court. —  Agencies