The Supreme Court released Sahara chief Subrata Roy on parole for four weeks to attend the religious rituals of his mother who died in Lucknow on Friday.
A special bench headed by chief justice TS Thakur allowed Roy’s plea to participate in the rituals. Roy has been in Delhi’s Tihar jail since March 2014.
The top court sent him to jail after he failed to show up in court subsequent to a warrant issued against him. The top court had summoned Roy after his two companies failed to reimburse money to investors in compliance of an October 2013 verdict which declared Sahara’s two financial schemes invalid.
Watch | Sahara chief out on parole for four weeks
Roy cannot come out of jail till he pays Rs 10,000 crore to market regulator SEBI, a bail condition SC has imposed.
Besides Roy, the SC granted parole to one of the jailed Sahara directors Ashok Roy Choudhary. The court said police officers will accompany Roy wherever he travels.
The jailed Sahara chief’s counsel, senior advocate Kapil Sibal assured his client will not run away.
Roy was arrested in March 2014 after the group failed to comply with a court order to refund money raised from millions of small investors by selling them bonds later ruled to be illegal.
Sahara, a household name as the former main sponsor of the national cricket team, has some prized assets including New York’s Plaza Hotel, the Grosvenor House in London, Sahara Star hotel in Mumbai and a stake in a Formula One racing team.
The group has been trying to raise funds since Roy’s arrest, but has failed in several past bids to comply with the SC’s order to return 360 billion rupees to investors in the banned bond plan.
Roy’s mother Chhabi Roy (95) passed away in Lucknow after a prolonged illness.