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.
He had been held in a Delhi jail since March 4.
Reporting by Suchitra Mohanty; Writing by Devidutta Tripathy; editing by Malini Menon