Sahara chief meets RBI officials on SIFCL issue

Sahara supremo started discussions with RBI on the fate of the group's para-banking firm SIFCL, action against which was kept in abeyance by the SC and the central bank was directed to give a fresh hearing.

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.

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"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.