Sahara Group Chairman Subrata Roy
Sahara Group Chairman Subrata Roy gestures as he speaks during a news conference in Mumbai February 4, 2012.REUTERS/Danish Siddiqui

The Supreme Court on Friday granted four weeks' conditional release to Sahara chief Subrata Roy to perform the last rites of his mother, who passed away at the age of 95. The businessman has been in the jail for over two years over non-repayment of money to Sahara investor, said the Mint.

An apex court bench granted four-week parole as against the three weeks requested by the beleaguered businessman's counsel.

Chabbi Roy, who was critically ill for two years, passed away in Lucknow at around 1:30 a.m. on Friday.

Roy was arrested in March 2014 after his company failed to comply with a court order to refund money paid by millions of small investors for bonds Sahara had offered them. The bonds were later ruled to be illegal, according to an NDTV report. 

A sale of Sahara assets by market regulator Securities Exchange of India (Sebi) on the direction of the apex court — to refund the investors — had also fallen flat. The regulator, after scrutiny of the assets, had said that the property titles of the Sahara Group also had legal issues that could hinder their sale.