Sahara moves SC for review of order

Oct 06 2012, 00:37 IST
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Summary“At the very outset the petitioners state that all investors are genuine and it proposes to comply with the judgment of this court within such time frame as may be directed.

Aggrieved by the verdict causing “serious aspersions upon the business ethics of the company,” the Sahara Group on Friday moved the Supreme Court seeking a review of the order to refund Rs 24,000 crore to its investors.

“At the very outset the petitioners state that all investors are genuine and it proposes to comply with the judgment of this court within such time frame as may be directed. The present review petition is thus being filed because the petitioners wish to protect their image in the public eye, business national and international,” Sahara’s petition read.

Requesting the reconsider its August 31 verdict and hear them in the open court, Sahara group has also sought expunging of the court’s remarks in the verdict. The court had in its judgement, ordered its two firms to refund the money raised through Optionally Fully Convertible Debentures (OFCDs).

Setting the three months’ deadline to refund the money, the apex court had said the firms — Sahara India Real Estate Corporation (SIREC) and Sahara Housing Investment Corporation (SHIC) —had made a “pre-planned attempt” to bypass the regulatory and administrative authority of the Sebi.

“It is submitted that the observations are unfounded and plainly without any basis. The above observations cast serious aspersions upon the business ethics of the company for which there is no basis... It is submitted that no arguments were raised by Sebi about the genuineness and bonafides of the company or the subscribers. The question was whether they were required to be listed and required the approval of Sebi. It is respectfully submitted that the above observations are therefore completely erroneous,” said the petition.

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