Supreme Court of India on Thursday deferred a decision on conglomerate Sahara's bid for bail for its jailed boss in a long-running dispute over illegal bonds.
It gave no date for a decision.
Subrata Roy has been held in jail for more than a year, after Sahara failed to comply with a court order to refund money it had raised from millions of small investors by selling bonds that were later ruled to be illegal.
A lawyer for the group said last week Sahara had agreed to pay the full $1.6 billion the court had asked for to release Roy on bail, but the group has yet to publicly outline that plan.
Image: Sahara chief Subrata Roy; Photograph: Reuters
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