Two years on, summer-wary Subrata Roy may walk out of jail

The Supreme Court on Wednesday observed it is open to releasing Sahara Group's Subrata Roy, if the Securities and Exchange Board of India's (SEBI) plan to sell the group's 67 properties yields results, reports CNBC-TV18.

The move brings a glimmer of hope for Roy, who has been languishing in Tihar since March 2014. SC had set the bail amount at Rs 10,000 crore, of which 50 percent was to be paid in cash and balance in bank guarantees.

The apex court observed that the cash component has been settled and SEBI is already in possession of sale deeds of 67 properties valued at Rs 20,000 crore, as per Sahara’s valuation. It should be noted that the value of these properties as per circle rate is Rs 6,000 crore.

The SC also said that its ultimate aim was to recover money and not keep Roy in jail.Roy, who mentioned the fact that he spent two summers in jail, sought either a parole of 180 days or house arrest.