—PTI
The Bombay High Court on Monday allowed the Times Now news channel to furnish a corporate guarantee instead of a bank guarantee of Rs. 80 crore in connection with the defamation case filed by former Supreme Court judge P.B. Sawant.
Times Global Broadcasting Company (TGBC), which runs Times Now, had sought modification of the High Court’s September order, wherein it was asked to deposit Rs. 20 crore with the Court, and provide bank guarantee of Rs. 80 crore for balance.
Justice Sawant had sued the channel for displaying his photograph during a telecast of a report on a Provident Fund scam allegedly involving a Calcutta High Court judge in September 2008. The telecast showed Sawant’s photograph instead of that of the other judge.
A Pune court ordered the channel to pay Justice Sawant Rs. 100 crore as damages, and when the channel moved the High Court in appeal, the HC had asked it to deposit Rs. 20 crore and give bank guarantee for the balance sum.
The Supreme Court granted Times Now no relief regarding the HC order, following which, it filed an application before the HC, saying that it would be “unviable” to pay huge commission to banks, instead a corporate guarantee be accepted.
The Court today accepted the affidavit filed by Bennet Coleman and Co, parent company of Times Now, in this regard.
Bennet Coleman has identified two properties — one in Bangalore, valued at Rs. 80 crore and the other in Secunderabad, valued at Rs. 30 crore — as security towards the corporate guarantee.
Its lawyer, Iqbal Chhagla, assured that these properties would not be sold or transferred until the matter is decided.
The Bench headed by Justice D.K. Deshmukh has ordered the company to give documents related to the two properties to Protonotary of High Court, who shall verify them and confirm their valuation within four weeks.