NEW DELHI (Reuters) - The Supreme Court on Wednesday agreed to release on bail the head of the Sahara conglomerate, Subrata Roy, after setting certain conditions.
The court asked Sahara to deposit 50 billion rupees to the securities regulator as well as provide bank guarantees for another 50 billion rupees.
Sahara Chairman 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 securities regulator over refund of billions of dollars to investors in outlawed bonds.
He had been held in a Delhi jail since March 4.
(To read - Investors fear for their deposits after Sahara chief's arrest, click http://reut.rs/1laahmC)
(Reporting by Suchitra Mohanty; Writing by Devidutta Tripathy; editing by Malini Menon)
