The Supreme Court on Monday extended the parole of Sahara Group chief Subrata Roy to August 3 but also asked him to pay Rs. 300 crore more saying ‘either pay or go back to jail’.
The apex court said that parole given on humanitarian grounds must not be misused.
The top court also approved Sahara’s interest in the sale of its three overseas hotels- Grosvenor House Hotel (London), Plaza Hotel (New York) and Dream Downtown Hotel (New York) to Qatar Investment Authority (QIA)”, which is Qatar’s sovereign wealth fund.
The Sahara group on Friday had sought the Supreme Court’s nod for sale of the properties to Qatar Investment Authority (QIA) for $1.6 billion.
The company claims that freezing the group’s bank accounts by the top court has crippled the group’s business interests.
Roy was granted parole on May 6 this year which was extended by two months on May 11. Monday was the last day of Roy’s extended parole.
The Sahara chief was sent to jail on May 4, 2014, for his failure to comply with 2012 order directing him to return investor’s Rs 17,600 crore with 15 per cent interest that his two companies Sahara India Real Estate Corp. Ltd. and Sahara Housing Finance Corp. Ltd. had raised through optionally fully convertible debentures (OFCD) in 2007 and 2008.