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Pay Rs 600 crore by February 6 or go back to jail, Supreme Court tells Subrata Roy

Agencies: The Supreme Court ordered Sahara chief Subrata Roy to pay Rs 600 crore by February 6, 2017  or else he will have to surrender. The court asked SEBI and amicus curiae Shekhar Naphade to respond to the fresh repayment plan submitted in the court by the Sahara chief. The bench said it will consider appointment of a receiver to auction the company properties.

On October 25, the top court had extended Roy’s parole till November 28 after the company deposited Rs 200 crore with the SEBI for the repayment of investors. After spending over two years in jail, Roy was released on parole when his mother died in May this year. His parole, as well as that of directors Ashok Roy Choudhary and Ravi S Dubey, was subsequently extended on the condition that they should deposit money for refunding investors at regular intervals.

Meanwhile, the regulator SEBI put up as many as five parcels of land of the company for an e-auction in a bid to recover money through the sale of Sahara assets. Earlier, 13 properties were put on the block in October and their combined reserve price was about Rs 1,400 crore. Prior to that, 58 properties were auctioned in July with a collective reserve price of nearly Rs 5,000 crore.

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