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 who has been out on bail since May 5 last year after his mother passed away, will have to commit himself to jail if he fails to deposit the amount, the Supreme Court said on Thursday.
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.
SC while hearing the Sahara – Sebi case, said “too much indulgence had already been given to the Sahara chief, more than any other litigant.”