BACKGROUND X Supreme Court extends parole of Sahara chief Subrata Roy till September 16 Highlights Supreme Court on Wednesday extended Subrata Roy's parole till September 16He has to deposit Rs 300 crore with market regulator SEBI within the given time Sahara chief Subrata Roy , the Supreme Court on Wednesday extended his parole till September 16 to enable him to deposit Rs 300 crore with market regulator Securities and Exchange Board of India (SEBI). The bench, headed by Chief Justice TS Thakur, gave the Sahara chief time till September 16 to deposit the money, observing that failing this he will be back in Tihar Jail. The court rejected Roy's plea to be permitted to sell Sahara's property to raise money to return investors' deposits collected in 2008 and 2009 through OFCDs (Optionally Fully Convertible Debentures). The Sahara chief along with two other directors - Dubey and Roy Choudhary - were sent to Tihar jail on March 4, 2014, for failure to comply with 2012 order directing him to return investors' Rs 17,600 crore with 15 per cent interest. RELATED STORIESextended parole +NEW DELHI: Sahara chief Subrata Roy on Friday offered in Supreme Court to pay an additional Rs 300 crore to Security and Exchange Board of India (SEBI) but said the amount should be adjusted as bank guarantee.A bench headed by Chief Justice T S Thakur directed that the matter be listed next week after senior advocate Kapil Sibal, appearing for Roy, mentioned the matter before it.

Source: Times of India August 26, 2016 11:17 UTC