May 19: The Supreme Court today granted bail to Jessop and Dunlop owner Pawan Ruia, who is accused of cheating and misappropriation of railway properties worth Rs 50 crore.

The vacation bench of Justices L. Nageswara Rao and Navin Sinha granted bail to Ruia after senior advocate Ram Jethmalani submitted that no purpose would be served by keeping the Ruia group chairperson in custody as a chargesheet had already been filed against him by the CID.

Bengal counsel Chanchal Kumar Ganguly's plea against granting bail to Ruia on the ground that he had ignored a number of summons by the CID failed to convince the bench.

Ruia, who was arrested in Delhi on December 10, is in judicial custody. The apex court bench ruled that the accused would be released from jail subject to the conditions to be imposed by the trial court in Calcutta.

Calcutta High Court had on April 19 dismissed Ruia's bail plea.