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The court granted bail to Lakhvi on a surety of Rs 5 lakh, TV channels reported.
Seven accused are facing trial in connection with the Mumbai attacks case.
LeT operations commander Lakhvi, Abdul Wajid, Mazhar Iqbal, Sadiq, Shahid Jameel Riaz, Jamil Ahmed and Younas Anjum were arrested in 2009 for their alleged role in the attacks in which 166 people were killed and over 300 injured.
They have been charged with planning, financing and executing the attacks.
The trial is taking place at a slow pace and is one of the main bones of contention in resumption of full-fledged dialogue process.
Pakistan has acknowledged that the conspiracy behind the attacks was hatched on its soil.
LeT operative Ajmal Kasab, the only surviving attacker, has been hanged by India. New Delhi has demanded that Islamabad should expedite the trial of the seven suspects to show that it is serious about countering terrorism.
(With inputs from agencies.)
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Pakistan court grants bail to 26/11 accused Zakiur Rehman Lakhvi: Reports - The Times of India