Supreme Court Grants Conditional Bail to Sahara Chief - The New Indian Express

Supreme Court Grants Conditional Bail to Sahara Chief

Published: 26th March 2014 02:50 PM

Last Updated: 26th March 2014 02:58 PM

The 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 Feb. 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.

Also Read:

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Sahara Saga: Many Firms, But Few with Family Members on Board  

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