March 26, 2014 / 9:04 AM / 4 years ago

India's supreme court grants conditional bail to Sahara chief

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 Sahara group chairman Subrata Roy (C) arrives at the Supreme Court in New Delhi March 4, 2014. REUTERS/Anindito Mukherjee

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

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