SC orders Subrata Roy to pay Rs 1500 crore to avoid jail

File photo: More trouble for Sahara chief Subrat Roy Sahara.

The Supreme Court Thursday warned Sahara chief Subrata Roy to pay up Rs 1,500 crore by the June 15 deadline, else he will have to return to jail. The apex court’s warning came even as it extended Roy’s parole till June 19.

Roy, who in compliance with the last order appeared before the court, was told that he has to frequently make the payment as per the roadmap approved by the court or face further imprisonment.

The Sahara chief gave an undertaking to a bench headed by Justice Dipak Misra that he would deposit Rs 1,500 crore by June 15 and another payment of Rs 552.22 crore by July 15 in the SEBI-Sahara account and filed an affidavit.

The apex court warned Roy that he may be sent to jail again if amount is not paid.

File photo: More trouble for Sahara chief Subrat Roy Sahara.

The bench, which also comprised of Justices Ranjan Gogoi and AK Sikri, also ordered the arrest of Chennai-based Prakash Swamy, who failed to deposit Rs 10 crore as per the last order. Swamy has been ordered one month-jail for contempt of court.

Swamy had filed an affidavit on behalf of a foreign firm expressing his intent to buy Sahara’s New York-based hotel. He failed to comply with the apex court’s direction to show his bonafide by depositing the amount in court to establish his intention to buy the property.

The bench allowed the Sahara group to make electronic payment through RTGS in the Sebi-Sahara account on or before June 15.

The apex court also asked Roy to remain personally present on June 19, the next date of hearing.

The court also asked the Official Liquidator of Bombay High Court to prepare terms and conditions for auctioning the Aamby Valley property for its approval on June 19.

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