Sahara's Subrata Roy gets another week from Supreme Court to surrender

Shortly after it refused to extend Subrata Roy's parole and ordered he be taken back into custody, the Supreme Court today gave the beleaguered Sahara chief time till September 30 to surrender.

The bench headed by Chief Justice TS Thakur also said that they will hear an application moved by Sahara on September 28. The apex court had this morning recalled its interim order granting the 68-year-old businessman parole.

READ: Sahara chief Subrata Roy is going back to Tihar jail, says Supreme Court

The apex court earlier had told Roy he is going back to jail after market regulator SEBI's counsel Pratap Venugopal told the bench that all the properties given by Sahara to the market regulator were already under attachment by Income Tax authorities.

Apparently annoyed over this, the Chief Justice had ordered the cancellation of parole and directed Roy and the two other directors to be taken into custody.

Last week, the apex court had extended the businessman's parole by a week. He was released on May 6 this year to attend the last rites of his mother who had passed away a day before.

Roy and two other directors of Sahara were sent to Tihar jail in New Delhi on March 4, 2014 over their failure to comply with the Supreme Court's August 31, 2012 order asking the company to return to investors the money the two companies had raised with 15 per cent interest.

Sahara had raised Rs 24,000 crore through its two group companies in 2008-09 through optionally fully convertible debentures (OFCDs).

The Supreme Court is hearing a contempt plea by SEBI against the two companies - Sahara India Real Estate Corp Ltd (SIRECL) and Sahara Housing Finance Corp Ltd (SHICL) - for not complying with its order directing the companies to return investors Rs 17,600 crore.

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