Sahara moves SAT, seeks more time to submit OFCD details
to get an extension of deadline for submitting documents related to around 22 million holders of optionally fully convertible debentures (OFCDs).
The appeals filed by Sahara Group companies — Sahara India Real Estate Corporation (SIRCL) and Sahara Housing Investment Corporation (SHICL) — want the Securities and Exchange Board of India (Sebi) to extend the deadline to January 31, 2013.
Senior counsel Janak Dwarkadas, appearing on behalf of Sahara, said that the deadline is proving to be a difficult task as the documents related to all the investors is running into a few crores and it is not possible to complete the procedures in the next 10 days.
The counsel further argued that it was well within Sebi's rights to extend the deadline.
The latest appeal comes in the wake of the regulator's statement in the Supreme Court last month that the corporate entity is not complying with the deadline set by the apex court. Sebi had argued that the Sahara Group companies missed the September 10 deadline set by the apex court to provide documents relating to millions of investors.
The tribunal bench comprising members PK Malhotra and SSN Moorthy has directed Sebi to submit its reply within two weeks. Interestingly, SAT observed that Sebi should have accepted the documents even if the corporate house was late in submitting them by two or three
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