Today, Apex Court extended the parole of Sahara Group chief Subrata Roy till October 24th and asked him to deposit Rs 200 crore to Securities and Exchange Board of India (SEBI) within that period.
Supreme Court asked to Roy’s Lawyer, Mr. Kapil Sibal to give a roadmap that how he will pay Rs. 1200 Crore to SEBI, which has dragged two Sahara companies for not complying with the apex court order directing them to return Rs 17,600 crore to their investors which they raised it from the investors in 2008-09 through Optionally Fully Convertible Debentures (OFCDs).
Senior Advocate, Kapil Sibal sought a reprieve for Roy on the ground that he would follow all rules and regulations.
SC was about to send Subrata Roy to Tihar Jail again on 23rd September morning following heated verbal exchange with his senior lawyer Rajeev Dhavan but later in the evening bench gave him one week to surrender and also agreed to hear his plea for parole extension when Sibal made an urgent mention before the bench and served unconditional apology which saved the day for Roy.
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