"The court has granted bail to Anand Vardhan (31), president of corporate affairs of Yash Birla group, his bodyguard Dilip Palekar (31) and peon Dharmu Rathod (29)," said Vardhan's lawyer Parveez Memon.
Memon said Vardhan was granted bail on the surety of Rs 1.5 lakh while Palekar and Rathod were granted the relief on a surety of Rs 25,000 each.
The court also directed the trio to attend the NCB office as and when required by the agency.
After spending five days in the custody of Narcotics Control Bureau (NCB), the trio were remanded in judicial custody by the court on January 16.
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The contraband was allegedly found when Vardhan's room in the hotel was being searched.
Following the alleged bust, the NCB was roped in which in turn confirmed the seizure of 5 grams of cocaine.