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Supreme Court extends Subrata Roy’s bail to September 23

The Securities and Exchange Board of India (Sebi) has informed court that out of 58 properties, eight properties have been sold in Rs 195 crore.

Supreme Court extends Subrata Roy’s bail to September 23
Roy was granted parole on May 6 after his mother passed away on May 5. Photo: IANS
Written By: ZeeBiz WebTeam
Updated: Fri, Sep 16, 2016
04:14 pm
Mumbai, ZeeBiz WebDesk
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The Supreme Court has extended the interim bail for Sahara Chief Subrata Roy till September 23.

Earlier, the Supreme Court had extended the parole of Sahara chief Subrata Roy till September 16, 2016 after he deposited Rs 306 crore on Wednesday. Sahara will have to deposit another Rs 300 crore by September 16, according to a Zee Business report.

The Securities and Exchange Board of India (Sebi) has informed court that out of 58 properties, eight properties have been sold in Rs 195 crore.

Roy was granted parole on May 6 after his mother passed away on May 5. His son-in-law Ashok Roy Choudhary too was granted parole. The parole was extended for two months on May 11. Thereafter, it was extended till August 3 and, on Wednesday, till September 16.

Besides directing for the deposit of Rs 300 crore, the bench said that Sahara would give a list of its immovable properties to Securities Exchange Board of India that it wants to sell.

The court rejected Roy's plea to be permitted to sell Sahara's property on its own to raise money to return investors' deposits collected in 2008 and 2009 through Optionally Fully Convertible Debentures (OFCDs).