The Supreme Court on Wednesday allowed Sahara chief Subrata Roy and two other company directors to remain on interim bail till October 24 on payment of Rs. 200 crore.
The court also asked Roy’s lawyer to give a roadmap on how will they pay approx Rs. 12,000 crore to SEBI.
After spending over two years in jail, Subrata Roy has been out since May when his mother passed away. Later the court kept extending his parole on the condition of depositing Rs. 500 crore with Sebi for refunding investors by August first week.
The apex court earlier on September 23 ordered that Roy should be taken into custody till October 3, but in a reprieve stayed his arrest till September 30.
A two-judge bench headed by Chief Justice Tirath Singh Thakur passed the order after hearing an application filed by Kapil Sibal, who was appearing for Roy. Sibal sought a reprieve for Roy on the ground that he would follow all rules and regulations.
In a dramatic turn of events in the Supreme Court on last Friday morning, the Chief Justice of India (CJI) TS Thakur had cancelled an interim bail given to Roy, and the two directors of Sahara, after an altercation with senior advocate Dr Rajeev Dhawan who was representing Roy.
Sahara immediately withdrew him and apologised through senior advocate Narendra Hooda.
Later, the SC agreed to reconsider the bail plea of Subrata Roy and gave him time to surrender.
The apex court had asked Sahara India to reveal the source of the Rs 18,000 crore it had claimed to have paid back to the investors.