A division bench of Justices P V Hardas and P N Deshmukh gave the relief to Manoj Raj, Mansingh Grover, Aba Malma and Vivek Ambre, on personal bond of Rs 25,000 each.
The judges also directed them to attend Versova police station on every first Saturday of every sixth month, between 8am and 9am.
The judges said that the sentence awarded to the accused would not in any manner sustain the conviction.
The bench, however, clarified that these observations are only for the bail purpose and not on merit for the purpose of deciding their appeals.
The four convicts had sought bail, pending hearing in their appeal against the sessions court's conviction order.