| New Delhi
| April 27, 2017 10:25 am
In another development to the case involving Sahara chief Subrata Roy and the Securities and Exchange Board of India (SEBI), the Supreme Court on Thursday extended Roy's parole till 19 June and warned him of imprisonment if he failed to pay the amount.
In a written undertaking, Subrata Roy told the top court that he would pay Rs.1,500 crore in SEBI-Sahara account on or before 15 June and furnished a post-dated cheque of Rs.552 crore to be released by 15 July.
The top court asked Roy to be present in the next hearing on 19 June.
As per reports, the apex court had on 17 April asked Bombay High Court's official liquidator to sell the Rs.34,000 crore worth of properties of the Aamby Valley owned by the Sahara Group and directed its chief Subrata Roy to personally appear before it on 28 April.
The top court had on 6 April said if the Sahara Group failed to deposit Rs.5,092.6 crore in SEBI-Sahara refund account by 17 April in pursuance of its order, it will be compelled to auction its property valued at Rs.39,000 crore at Aamby Valley in Pune.
Earlier, a special SEBI court had quashed a non-bailable warrant against Roy as he appeared before the court. The warrant was also quashed on grounds that Roy will appear in all hearings now as the court asked him to submit an undertaking for the same.
Copyright © 2016 The Statesman Limited. All Rights Reserved.