Relief for Subrata Roy as SC extends parole till July 11

New Delhi: In a big relief to Sahara group chief Subrata Roy, the Supreme Court on Wednesday extended his parole till July 11 telling him to deposit Rs 200 crore with the stock market regulator Securities and Exchange Board of India (SEBI).

The Supreme Court had a four week parole to incarcerated Sahara Group chief Subrata Roy on May 6 to attend the last rites of his mother Chhabi Roy, who died in Lucknow on Thursday last week.

The Sahara group chief has been lodged in Tihar Jail since March 4, 2014, for his failure to comply with the top court's orders to return investors' money, which his two companies of the Sahara Group -- Sahara India real estate corporation and Sahara Housing Investment Corporation Ltd. --- collected through OFCDs (Optionally Fully Convertible Debentures) in 2008 and 2009.