SC extends Sahara chief’s parole by one week

New Delhi, Sep 16 (IANS) Continuing the relief already granted to Sahara group chief Subrata Roy, the Supreme Court on Friday extended, by one week, his parole till September 23.

The extension of parole also applies to Sahara group’s two other directors – Roy’s son-in-law Ashok Roy Choudhary and Ravi Shankar Dubey.

Roy’s parole, last extended on July 11, was to expire on Friday. Roy was released on parole on May 6 to attend the last rites of his mother who had passed away on May 5. Along with Roy, his son-in-law too was released on parole.

Extending the interim arrangement of granting him parole by one week till September 23, the bench of Chief Justice T.S.Thakur and Justice A.M.Khanwilkar recorded a statement by senior counsel Kapil Sibal that a sum of Rs 300 crore, as ordered earlier by the court, has been deposited.

The bench also noted that the senior counsel Arvind P. Datar appearing for SEBI “does not dispute this position”.

The top court by its August 3 order had asked Sahara chief to deposit Rs 300 crore to continue to be on parole.

“In the circumstances and keeping in view the fact that the regular Bench hearing the matter is not available” on account of non-availability of Justice (Anil R.) Dave, we direct that the interim arrangement already made by this Court shall continue till Friday, the 23rd September, 2016″, said the order passed by the bench.

Making a mentioning as court commenced in the morning, Sibal told the bench that parole was coming to an end on Friday, and if it was not extended, then Roy will have to surrender back to custody.

Sibal told the bench that matter was not listed today for hearing as regular bench comprising Chief Justice Thakur, Justice Dave and Justice A.K. Sikri was not sitting on Friday because of the non-availability of Justice Dave.

The court by its September 2 order had directed the listings of the matter on September 16.

The top court is hearing a contempt plea by market regulator SEBI against Sahara group’s two companies – Sahara India Real Estate Corp Ltd (SIRECL) and Sahara Housing Finance Corp Ltd (SHICL) – for not complying with top court’s August 31, 2012 and subsequent order directing it to return investors Rs. 17,600 crore with 15 per cent interest that it had mobilised through optionally fully convertible debentures (OFCD) in 2008 and 2009.

–IANS

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