Bail Extended: Subrata Roy has to deposit the remaining installment till June 5

Sahara chief, Subrata Roy has been in a discussion since long time as Sahara had issued the debentures without following a proper procedure, for which SEBI ordered Sahara to stop issuing the said bonds and return money to investors.

In default to reimburse the money of investors, he was sent to jail. However, on May 6, 2016 Court granted Roy four-week parole to attend his mother’s funeral. His parole has been extended by the court ever since, during the period of parole, he has been paid some amount of defaulting amount at regular intervals.

On last date of hearing before Supreme Court directed him to deposit the remaining installment on June 19. Today, he has not deposited the money, senior advocate Kapil Sibal, appearing for Subrata Roy argued that Rs 790.18 have been already been deposited with the SEBI-Sahara account and 10 more working days be granted for submission of the remainder.

Court acceded his request and granted 10 more working days to Sahara chief to deposit Rs 710 crore with the Sahara-SEBI refund account.

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