Pay up or go to jail: SC tells ‘demonetised’ Subrata Roy

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Subrata Roy of the Sahara group has sought extension of time to pay Rs 600 crore to SEBI, citing demonetisation. A plea filed by the Sahara Group seeking extension of time was rejected by the Supreme Court. The court said if he failed to pay the amount, he would have go back to jail by February 6.

Sahara chief Subrata Roy

There has been too much indulgence granted to Roy, more than any other litigant, the court observed. Roy's counsel however sought for more time and said that as a result of the November 8 decision on demonetisation he was not able to mobilise funds to pay SEBI.

On October 25, the SC had extended Roy's parole after he deposited Rs 200 crore with SEBI towards repayment to investors. Roy who had spent almost two years in jail was released on parole when his mother passed away in May last year. The Sahara Group in November presented a road map to repay Rs 11.136 crore to SEBI. Sahara said that it would clear the amount in two and half years.

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