Supreme Court sets terms for Sahara chief's release

Roy was arrested in March last year after the company failed to comply with a court order to refund money it had raised from millions of small investors by selling them bonds later ruled to be illegal.

The Supreme Court on Friday set fresh terms for releasing troubled conglomerate Sahara's founder Subrata Roy, jailed for more than a year in a long-running dispute over issuance of illegal bonds.

The court said Sahara, which has assets ranging from a Formula One team to TV channels, will have to pay 30 billion rupees ($470.59 million) in nine installments after Roy's release from jail.

Roy will also have to submit his passport to the court after his release on bail, the court said.

Roy was arrested in March last year after the company failed to comply with a court order to refund money it had raised from millions of small investors by selling them bonds later ruled to be illegal.

The court on Friday said Sahara owes as much as 360 billion rupees ($5.7 billion) to the bond investors. Sahara previously said it had repaid 95 percent of the amount due to the investors.

Image: This file photo shows Sahara chief Subrata Roy talking to a staff. Photograph: Reuters