Subrata Roy File Photodna Research & Archives
Uncertainties loom large over embattled Sahara’s fund raising plans even as the group today said that its proposed arrangements to raise money for release of its chief Subrata Roy cannot be subjected to public debate and speculative media trials.
Even as Sahara has presented a fresh plan to the Supreme Court for raising funds, reports from Madrid suggest that Spanish lender BBVA has denied offering any credit to the group.
Reacting to these reports, Sahara in a late night statement said that it has no relationship with BBVA Bank.
“It is Nouam Ltd, which has relationship with BBVA. All documents were vetted by an independent law firm of repute and banks before being presented to the Supreme Court of India,” it said.
Queries sent to BBVA and Nouam remained unanswered.
On Monday, the Supreme Court granted three months time to Sahara Group for selling its offshore properties for raising Rs 10,000 crore to ensure the release of Roy, who has been in jail for a year for non-refund of over Rs 20,000 crore to depositors.
In an earlier statement, Sahara said “submissions made before the court for adjudication in a sub-judice matter cannot be subjected to public debates and speculative media trials, as the same can attract contemptuous liability”.
Due to the operation of confidentiality clause and the fact that the submissions have been made in the Court, it is not possible to say beyond this, Sahara said.
Under the proposed deal, Sahara was to provide a bank guarantee from HSBC.
via NorthEast Calling http://ift.tt/1EWdlx3
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