The Bihar Post

Subrata Roy back to jail as Supreme Court declines further extension of parole

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New Delhi: The Supreme Court on Friday sent Sahara chief Subrata Roy back to prison, rejecting his plea of for further extension of parole after the former business tycoon spent four months out of Delhi’s Tihar jail, reports said.

“You are going back to jail,” the court said.

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After he spent two years in jail, Roy was granted parole in May following his mother’s death and since then it had been extended several times.

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Though Roy’s lawyer, Rajeev Dhavan, argued that Sahara couldn’t sell its properties as they had been attached by market regulator Sebi, the judges stood firm in not granting extension of parole any more.

The apex court had earlier this month asked the Sahara Group to disclose the source of the Rs.25,000 crore it claimed to have raised to pay back its investors in cash, saying it was not credible that such a huge amount could be mopped up since it “can’t fall from the heaven.”

The Supreme Court had ordered Sahara in August 2012 to deposit with capital market Sebi over Rs. 24,000 crore collected from nearly three crore investors through issuance of certain bonds.

India Blooms News Service

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