Top court refuses to release Subrata Roy on bail or parole

The Supreme Court on Tuesday refused to release Sahara chief Subrata Roy, who has been behind bars for nearly five months, on interim bail or parole but allowed selling of his luxury hotels in New York and London to raise money to deposit Rs 10,000 crore with SEBI as directed to get regular bail.

The apex court, however, assured 65-year-old Roy that it will allow him to go out of jail during day time under police custody to hold negotiations with buyers to dispose of his properties. ‘We will allow you to hold negotiations outside jail between 10 am to 4 pm under police custody,’ a bench headed by Justice TS Thakur said, adding it is ‘premature’ at this stage to make such arrangement as there is no ‘concrete’ proposal right now.