Tribunal dismisses Sahara group appeal against Sebi

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SummaryThe Securities Appellate Tribunal (SAT) has dismissed an appeal by two Sahara group firms against market regulator Sebi in the case relating to the refund of about Rs 24,000 crore with interest to around three crore investors

The Securities Appellate Tribunal (SAT) has dismissed an appeal by two Sahara group firms against market regulator Sebi in the case relating to the refund of about Rs 24,000 crore with interest to around three crore investors.

In its application, Sahara sought a direction by the SAT to Sebi to accept the amount or the amount be accepted by the Registrar of the SAT.

“The last date for depositing this amount is November 30, and if the amount is not accepted, it may amount to violation of the order passed by the Supreme Court,” Sahara said.

However, SAT while dismissing the appeal, said that any further direction in the case can be granted by the Supreme Court alone.

“We see no reason how this Tribunal gets jurisdiction to entertain the appeal or give any further directions in the matter. We are, therefore, of the view that any further direction or modification in the directions issued by the Supreme Court can be sought for and granted by that court alone,” the order said.

Gopal Subramaniam, appearing Sahara, argued before the tribunal that “the appellants are forced to approach SAT in view of the conduct of the respondent (Sebi) in not accepting the documents tendered by them and it is apprehended that the pay order amounting to Rs 5120 crore for repaying the amount to the OFCD subscribers will also not be accepted by the Board”.

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