SC grants conditional bail to Sahara boss Subrata Roy

The Supreme Court on Wednesday granted conditional bail to Sahara Group boss Subrata Roy on the condition that he deposit Rs. 10000 crores with the Securities and Exchange Board of India (SEBI).

The apex court has directed the group to pay half the amount in cash and the other half through bank guarantees. The court has also agreed to defreeze the Sahara Group's bank account so as to enable them to generate the said amount.

The court will now be taking up the case again on Thursday.

On March 4, the two-judge bench had sent Roy and two of company's directors to Tihar Jail in connection with the case relating to the non-refund of Rs.20, 000 crores to its investors. Roy had even offered to sell his property to pay his dues, but the apex court refused.

The order to arrest Roy was issued on February 26 after he had failed to appear in connection with a case in which his company was directed to return Rs. 20, 000 crores to investors.