Millennium Post

Submissions to SC cannot be subject of media trial: Sahara

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.

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 a 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.

When contacted, an HSBC India spokesperson declined to comment on the matter. However, a senior official at HSBC India on condition of anonymity said that the bank had no connection with the proposed transaction of Sahara.

Under a fresh proposal, Sahara has informed the Supreme Court that BBVA would provide cash assistance of 900 million euro to Hong Kong-based Nouam Ltd, which would use the amount for paying and taking over the outstanding dues of the Bank of China related to Sahara’s three overseas hotels. Bank of China had lent money to Sahara in purchase of stakes in three overseas hotels. Queries sent to BBVA and Nouam remained unanswered.

Sahara had also submitted to the Court that about Rs 5,000 crore which has to be deposited as bank guarantee would be generated from HSBC. The latest proposal comes after the proposed deal with US-based Mirach Capital collapsed after Sahara found that letter of credit furnished were forged.

According to Sahara, the proposal of a foreign company about BBVA fund is not meant for bailing out Roy. “The money in question is an endeavour of a foreign company which is planning to purchase loan portfolio of Bank of China,” it added.

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