Atlas Jewellery which is alleged with its owner defaulting payments to banks worth around 500 million dirhams ($136 million) has requested for some time to work out a plan to repay the banks, reports say. A meeting was held between Atlas Jeweller and the representatives of its creditors in which the company assured banks of repaying the entire amount owed and would present some options to banks towards the same, as per reports.

The company’s owner M.M.R was arrested in Dubai, owing to payment defaults. The default concerns almost 15-20 banks and the financial institutions note that though the company does have assets, a solution towards the repayment can be complicated without a meeting with the owner. M.M.R remains in police custody.

Meanwhile, MM Ramachandran planned to sell a hospital currently running in Oman to repay the debts, after the courts have turned down his bail plea, as per reports.

The shares of the company dipped around 10 percent to Rs 24.55, following the allegations and arrest of its owner.