No extension of time for Subrata Roy to pay Rs. 600cr, says apex court

NEW DELHI
12 Jan 2017
The Supreme Court on Thursday refused to grant extension of time to Sahara chief Subrata Roy to pay Rs. 600 crore by February 6.
The court observed that if Mr. Roy fails to pay the amount within the stipulated time, he should  commit himself to jail.
A Bench of Chief Justice T.S. Thakur and Justices Ranjan Gogoi and A.K. Sikri, on November 28, 2016, asked Mr. Roy’s lawyers to pay Rs. 600 crore by February 6, 2017, as the court did not want to send a person back to prison.
Mr. Roy is out on parole after spending about two years in the Tihar Jail, unable to garner bail for allegedly duping his investors.
Mr. Roy had cited demonetisation and economic slowdown for extension of time to pay Rs. 600 crore. But the court refused to extend time, saying that too much indulgence was given to the Sahara chief, more than any other litigant.
The Supreme Court also granted liberty to Mr. Roy to transfer Rs. 285 crore deposited in London Bank to SEBI. (PTI)