India's supreme court grants conditional bail to Sahara chief

Reuters News
Posted: Mar 26, 2014 5:02 AM

NEW DELHI (Reuters) - India's supreme court on Wednesday agreed to release on bail the head of the Sahara conglomerate, after setting certain conditions.

The court asked Sahara to deposit 50 billion rupees ($826.7 million) to the securities regulator as well as provide bank guarantees for another 50 billion rupees.

Sahara Chairman Subrata Roy, 65, was arrested on February 28 after failing to appear at a contempt hearing in a long-running legal battle between the group and the Indian securities regulator over refund of billions of dollars to investors in outlawed bonds.

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He had been held in a Delhi jail since March 4.

(Reporting by Suchitra Mohanty; Writing by Devidutta Tripathy; editing by Malini Menon)