Sebi-Sahara row: Supreme Court grants conditional bail to Subrata Roy

New Delhi: The Supreme Court on Wednesday agreed to release on bail the head of the Sahara conglomerate, Subrata Roy, after setting certain conditions.

Sahara has to submit Rs. 10,000 crore to market regulator Securities and Exchange Board of India (Sebi), out of which Rs. 5,000 crore has to be in cash and the rest in bank guarantee.

The court has also adjourned the case for March 27 asking the group to give details of the bank account numbers, which are to be defreezed.

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 Securities and Exchange Board of India (SEBI) over refund of billions of dollars to investors in outlawed bonds.

He has been held in a Delhi jail since March 4.