Sahara agrees to pay bail to release jailed chief Subrata Roy

Sahara, a sprawling conglomerate that ranges from media to property and Formula One racing, has agreed to pay the full $1.6 billion in bail to release its jailed boss, television channels reported on Friday.

CNBC TV18 reported Sahara would pay the amount it still owes by next week.

Subrata Roy has been held in jail for more than a year after Sahara failed to comply with a court order to refund billions of dollars to investors in a bond programme that was ruled illegal.

Sahara has in the past made several failed attempts to raise the bail money.

(Reuters)