Ram Jethmalani, senior advocate for Unitech Limited MD Sanjay Chandra, said, "it has something to do with the correct legal position being actually postulated in the order by the Supreme Court".
"According to me, the judgement of the courts below showed that the bil jurisprudence had actually been totally distorted out of shape," he said adding Government has lost its credibility".
DMK leader T R Baalu said there was "good hope" now for other accused.
Senior criminal lawyer Majeed Memon, who is representing Swan Telecom Director Vinod Goenka in the case, said that the apex court has "laid a foundation" in favour of bails in the case.
Memon said the bail to his client and others was "overdue".
"Today's order, in my humble view, was overdue. However, we welcome the approach of the Supreme Court towards grant of bail to the accused which is in keeping with the cardinal principle of jurisprudence of presumption of innocence," Memon said.