Mallya, the former head of collapsed Kingfisher Airline and liquor baron, is wanted in India for over a billion dollars in unpaid loans.
He was then whisked away to a local police station from where he was taken to the Westminster Magistrates' Court that opened on Tuesday after the long Easter weekend. However, it is only applicable until May 17 when a senior district judge will initiate hearing on his extradition.
A brief statement on Mr Mallya's Twitter account said: "Usual Indian media hype. Extradition hearing in Court started today as expected", Mallya tweeted just after getting the bail.
Last year, Samirbhai Vinubhai Patel became the first Indian to be extradited on the basis of the India-UK Extradition Treaty of 1993, according to India's The Hindu newspaper.
Minister of State for Finance Santosh Kumar Gangwar said, "We are now assessing the facts how we can bring him back into the country and start judicial proceedings against him". Rohatgi also said that Mallya should be directed to appear personally before the court.
India revoked Mallya's passport last April, and the Indian Central Bureau of Investigation filed formal fraud charges against him this year.
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After his arrest, Mallya was produced in a metropolitan court, where he managed to get bail.
Earlier, when New Delhi asked the United Kingdom to deport Mr. Mallya saying his passport had been canceled, British officials said he could legally stay on in London as he had a United Kingdom visa.
The Metropolitan Police extradition unit took Mallya into custody on behalf of India, the BBC News reported.
Khurshid said the arrest was only a part of the procedure required to further the extradition process. A top source said India is seeking extradition of Mallya for defaulting on loans due to IDBI. Mallya was declared a proclaimed offender for his role in loan default of over Rs 9,000 crore.
Mallya, who has thrown lavish parties attended by fashion models and Bollywood stars - and was once hailed as India's Sir Richard Branson - co-owns the Sahara Force India Formula One team.
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