Sahara supremo Subroto Roy on Thursday started discussions with RBI on the fate of the group's para-banking firm Sahara India Financial Corp, action against which was kept in abeyance by the Supreme Court and the central bank was directed to give a fresh hearing.
"The RBI has engaged the company in a dialogue that is likely to continue," a source familiar with the development said.
The Supreme Court had directed RBI on Monday to give the company a fresh hearing on June 12, after keeping in abeyance the central bank's action, including a ban on fresh deposits, against SIFCL, against which the company had obtained a stay from Allahabad High Court.
The group's Executive Director Pallav Kumar Agarwal in the meeting accompanied Roy, while its Executive Director G Gopalakrishna led the RBI team.
There will be no official communication from the central bank about this particular meeting, which lasted for nearly four hours, RBI officials said.