Thursday, 12 May 2016

Here's why Sahara chief Subrata Roy has been behind bars since March 4, 2014

The Supreme Court has extended Saharachief Subrata Roy’s parole till July 11 to enable him to deposit Rs 200 crore with market regulator SEBI. Roy walked out of Tihar jail on Friday, May 6 after he was granted four weeks parole for his mother's last rites.

But, do you know why he has been behind bars since March 4, 2014?

Roy and two other directors, Ravi Shankar Dubey and Ashok Roy Choudhary were arrested for the failure of Sahara group's two companies - Sahara India Real Estate Corporation (SIRECL) and Sahara Housing Investment Corp Ltd (SHICL) - to comply with the court's August 31, 2012 order.

The top court had that day directed SIRECL and SHICL to return investors money they had collected through OFCDs (Optionally FullyConvertible Debentures) in 2008 and 2009.

The apex court, on March 26, 2014, had said Sahara Group would deposit Rs.10,000 crore as part payment of investors' Rs.24,000 crore that its two companies collected as a condition for the release of Roy, Dubey and Choudhary.

According to market regulator SEBI, this amount now stands at about Rs.38,000 crore

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