Naushad, who was granted bail on Thursday but had to wait due to technical reasons, greeted his supporters who showered petals on him and shouted "bhaijaan, bhaijaan".
Siddique was granted bail by a division bench of the Calcutta High Court headed by Justice Debangshu Basak.
The Bhangar MLA was arrested by police after ISF members clashed with police at a protest rally in Kolkata's Esplanade on Jan 21.
The ISF workers were accused of assaulting police officers in the downtown Kolkata that had turned into a virtual war zone.
The governing Trinamool Congress, which had faced flak over the arrest, had accused Siddique of playing in the hands of the Bharatiya Janata Party (BJP).