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India: India’s supreme court grants conditional bail to Sahara chief

The Sahara group chairman Subrata Roy (C) arrives at the Supreme Court in New Delhi March 4, 2014. Roy, the head of India's Sahara conglomerate will remain in custody until further orders from India's Supreme Court, three lawyers involved in the in the matter said on Tuesday, after a hearing in a case over the refund of money to investors in an outlawed bond scheme. Roy was arrested on Friday after failing to appear at a Supreme Court hearing related to a multi-billion-dollar Sahara investment scheme that was later ruled to be illegal. REUTERS/Anindito Mukherjee (INDIA - Tags: BUSINESS)

(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. Roy, the head of India’s Sahara conglomerate will remain in custody until further orders from India’s Supreme Court, three lawyers involved in the in the matter said on Tuesday, after a hearing in a case over the refund of money to investors in an outlawed bond scheme. Roy was arrested on Friday after failing to appear at a Supreme Court hearing related to a multi-billion-dollar Sahara investment scheme that was later ruled to be illegal. REUTERS/Anindito Mukherjee (INDIA – Tags: BUSINESS)

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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