The SC refused to give Roy a date extension to deposit Rs 600 crore but granted liberty to transfer Rs 285 crore in London Bank to Sebi. The Supreme Court has refused to give an extension to Sahara Chief Subrata Roy to deposit Rs 600 crore with market regulator Securities and Exchange Board of India (Sebi). Roy and his lawyers were directed to deposit the amount for granting him an extension in bail last year. Roy, while responding to the Supreme Court, cited the government's demonetization move and a slowdown in the economic growth as grounds for seeking an extension to deposit Rs 600 crore. The SC gave him the liberty to transfer Rs 285 crore deposited in London Bank to market regulator Sebi.
Source: dna January 12, 2017 09:28 UTC