In Brief
In this contempt proceeding against Sahara India Real Estate Corporation, an international company (MG Capital Holdings LLC) offered to purchase the Sahara Group's stake in the Plaza Hotel in New York for $550 million USD. The company sought permission to conduct due diligence. The Supreme Court granted permission but imposed a condition: the company must first deposit ₹750 crores with the Court registry before being allowed to proceed with due diligence. The Court also required the company's credentials to be verified. The deposit deadline was set as 17 April 2017.
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