Sahara chief Subrato Roy told the Supreme Court on Friday that he is ready to pay an additional Rs. 300 crore to get an extension of his parole until Sept. 16. However, Roy has also said that the amount should be adjusted as bank guarantee.
Roy, who was sent to Tihar Jail in May 2014, was granted parole on humanitarian grounds on May 6 to attend his mother's last rites. On Aug. 3, the parole was extended for the second time until mid September on the condition that the Sahara chief would deposit the above mentioned amount to the Securities and Exchange Board of India (SEBI), DNAreported.
"Ready to pay additional Rs. 300 crore, which should be adjusted with bank guarantee," Roy was quoted as saying by Press Trust of India.
On May 11, the apex court granted a two month extension to Roy and asked him to remit Rs. 200 crore with the regulator.
The Sahara chief was jailed in May 2014 for continuously failing to comply with a 2012 court order asking him to repay Rs. 17,500 crore that his companies had raised from small investors. The court had also put across a conditional bail term then asking Roy to pay Rs. 10,000 crore, which was half in cash and half in bank guarantee.
While the cash component nears repayment, getting bank guarantee has remained elusive for Sahara.