Supreme Court reserves order on Sahara chief Subrata Roy's release from jail

The Supreme Court 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.

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.