Subrata Roy agrees to pay Rs 1,500 crore to SEBI; parole extended

Sahara chief Subrata Roy on Thursday said that he would pay Rs 1,500 crore in the SEBI-Sahara account on or before June 15.

Roy's undertaking came during the hearing of a case involving him and the Securities and Exchange Board of India (SEBI) over a dispute of returning money to its investors.

Roy would furnish a post-dated cheque of Rs 552 crore to be realised by July 15. The apex court also warned Roy that he may be sent to jail again if the amount is not paid.

The top court also extended his parole till June 19. It also asked him to be present in court on June 19, the next date of hearing.

Meanwhile, the Supreme Court asked Bombay High Court's official liquidator to prepare terms for auctioning Aamby Valley for its approval on June 19.

Last week, a special Securities and Exchange Board of India (SEBI) court had quashed a non-bailable warrant issued against Roy as he appeared before the court.

The apex court earlier on April 17 ordered the auction of Sahara's Aamby Valley over the business conglomerate's alleged failure to deposit money for refunding to its investors.

Roy was sent to the Tihar Jail on March 4, 2014 for not complying with the apex court's orders in connection with a long dispute with the market regulator SEBI.

The SEBI alleged that Roy failed to comply with the apex court's order directing him to return the investors' money.

Sahara, once among India's high-profile firms, has in the past made several failed attempts to raise the bail money using its prized overseas hotels that include the Plaza in New York and Grosvenor House in London.

Securities and Exchange Board of India ( SEBI )