News > Surat Diamond Bourse (SDB) faces a setback, Rs 125 crore bank guarantee ordered
Surat Diamond Bourse (SDB) faces a setback, Rs 125 crore bank guarantee ordered
12/03/2024 09:20 AM | Click to read full article
The Surat Commercial Court on Monday directed the SDB management to furnish an irrevocable bank guarantee of Rs 125 crore within four weeks under Section 9 of the Arbitration Act by Ahmedabad-based PSP Projects Limited. The court has imposed a critical restriction: the SDB is prohibited from auctioning, transferring, or creating third-party rights on the remaining portion of the building until the bank guarantee is furnished.
