SC gives 15 working days' extension to Roy
Posted on Aug 14 2014 | IANS
New Delhi, Aug 14 : The Supreme Court Thursday gave Sahara chief Subrata Roy a 15-working-day extension to stay in Tihar Jail court complex for negotiating the sale of his overseas hotels and assets in the country to raise Rs.10,000 crore to make part payment of investors' money collected through OFCDs.
The apex court had asked Sahara to deposit Rs.10,000 crore - Rs.5,000 in cash and Rs.5,000 in bank currency - as part payment for investors' money that its two companies had collected through Optional Fully Convertible Debentures (OFCDs) in 2008-09.
This also happens to be a condition for Subrata Roy and his two directors' release from judicial custody to which they were sent March 4 for not complying with the court's orders.