Sahara Group moves SC against SAT order

Written by Press Trust of India | New Delhi | Updated: Dec 2 2012, 05:18am hrs
The Sahara Group on Friday moved the Supreme Court against the order of the Securities Appellate Tribunal (SAT) dismissing its appeal against Sebi in a case involving refund of about R24,000 crore with interest to about 3 crore investors.

A bench, headed by Chief Justice Altamas Kabir, listed the matter for hearing on Monday. The counsel for Sahara told the bench that the company was ready with a draft of R5,100 crore for deposit in the apex court's registry.

In their appeal before the SAT, two Sahara Group firms had sought the tribunal's intervention in refund of investor money and accused the Sebi of wrongly charging them of non-compliance with a Supreme Court order in that regard.

The Tribunal, however, had said that any further direction in the case could be sought and granted by the Supreme Court alone and dismissed the appeal. The apex court had asked Sahara India Real Estate Corporation (SIRECL) and Sahara Housing Investment Corporation (SHICL) to refund an estimated R24,000 crore with an annual interest of 15%.