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SC cancels Subrata Roy’s parole

India’s Supreme Court on Friday refused to extend parole for conglomerate Sahara’s founder Subrata Roy and ordered he be kept in custody until October 3, when the court will resume hearings in the case between the firm and the country’s markets regulator.

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Take Roy and two others (directors of Sahara group) be taken back to custody…

The apex court was left livid with the Sahara Group, that they had given a list of properties that can’t be auctioned.. SC said you have given list of property which are already attached and you are not cooperating.

To this, the Bench said if Mr. Roy wanted to be heard, he should first go to jail.

The court asked the counsel to tell Sahara to deposit Rs 300 crore. Interim arrangement stands canceled. “Condemners are directed to be taken into custody”, the bench, also comprising Justices A R Dave and A K Sikri, said.

Dhavan then suggested that the matter be posted for hearing on September 30 when they would argue on it.

On August 26, Roy had offered to pay an additional Rs 300 crore to Sebi but said that this amount should be adjusted as bank guarantee that he required to furnish for a regular bail.

Chief Justice TS Thakur, who was heading the bench.

Dhavan called it “very unfair” and also demanded extension of parole while the group would adduce at a later date its plan to deposit more money for refunding investors.

The apex court had granted parole to Roy on May 6 for four weeks on humanitarian ground following the death of his mother Chhabi Roy in Lucknow after prolonged illness.

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Roy was out on parole after spending two years in Delhi’s Tihar Jail following a dispute with SEBI.

Supreme court cancels Sahara chief Subrata Roy's parole