Indian Supreme Court has set condition of depositing Rs 10,000 crore for releasing Sahara chief Subrata Roy on bail, NDTV reports.
A bench of Justices K S Radhakrishnan and J S Khehar turned down Sahara’s plea to reduce the amount and asked the group to convey its reply till Thursday.
Sahara lawyers had sought bail for Mr Roy and two other directors, assuring the court that they “won't run away”. The lawyers also argued it was an illegal order that sent them to jail and they can challenge it on the grounds of violation of fundamental rights. 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 Sebi over refund of crores of rupees to investors. He has been held in a Delhi's Tihar Jail since March 4.
Two other directors have been sent to jail.
