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Supreme Court directs Subrata Roy to pay 1500 crore or face jail term

The Supreme Court today extended the parole of Sahara chief Subrata Roy till June 19. However, the court also issued a warning, saying that if he does not deposit Rs 1,500 crore by June 15, he may land up in jail again. The deadline of June 15 was decided in an earlier hearing of the case. Subrata Roy was in court today, as per the directions of the Supreme Court. Roy has been asked to make payments at regular intervals, as per the schedule decided by the court. If the same is not followed, Roy could be facing another term in jail.

While at the court, which was headed by Justice Dipak Misra, Roy gave an undertaking that he would follow the roadmap approved by the court and would deposit Rs 1,500 crore by June 15 and one more payment of Rs 552.22 crore by July 15. Both these payments will be made in the SEBI-Sahara account.

Meanwhile, in a related development, a Supreme Court bench has ordered the arrest of Chennai-based Prakash Swamy. The court had asked Swamy to deposit Rs 10 crore, but he has failed to do so. He will have to spend one month in jail as his actions have been tagged as contempt of court. Swamy had acted on behalf of a foreign firm and had expressed interest in buying Sahara’s hotels in New York. The court had asked him to deposit Rs 10 crore to prove his credentials, but he failed to do so.

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