The Supreme Court has
agreed to release the head of the Sahara company from custody, but only after
the group deposits 100 billion rupees in cash and bank guarantees.
Sahara Chairman
Subrata Roy was arrested on February 28 and has been held in a Delhi jail since
March 4 after failing to appear at a contempt hearing in a long running legal
battle between the group and the securities regulator over the refund of
billions of dollars to investors in outlawed bonds.
In its ruling on March,26,
2014, the Supreme Court ordered unlisted Sahara to deposit 50 billion rupees in
cash with the securities regulator as well as provide bank guarantees for
another 50 billion rupees.
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