India’s supreme court grants conditional bail to Sahara chief

India’s supreme court grants conditional bail to Sahara chief
The Sahara group chairman Subrata Roy (C) is escorted by police to a court in the northern Indian city of Lucknow in this February 28, 2014

NEW DELHI - 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 (S$1048 million) to the securities regulator as well as provide bank guarantees for another 50 billion rupees.

Sahara Chairman Subrata Roy, 65, was arrested on Febuary 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.

More about

Purchase this article for republication.

BRANDED CONTENT

SPONSORED CONTENT

Your daily good stuff - AsiaOne stories delivered straight to your inbox
By signing up, you agree to our Privacy policy and Terms and Conditions.