A Sahara Group firm has moved the Supreme Court against market regulator Sebi?s order asking it to return money collected from investors through a scheme along with 15% interest.
A vacation bench headed by Justice P Sathasivam directed the matter to be listed fopr hearing on July 4, the first day after the vacation.
Sahara India has criticised market regulator’s move to make its order public when the matter is pending before the Supreme Court.
Sebi on June 23 had directed two Sahara group companies ? Sahara India Real Estate Corp (SIRECL) and Sahara Housing Investment Corp (SHICL) ? to refund the money raised from investors through optionally fully convertible debentures (OFCDs) with an annual interest of 15% from the date of receipt of money.
The Sahara group firm sought directions to Sebi to remove the order from its website and restrain the market regulator and its officials from publicising the order which it has challenged. The Sahara’s counsel argued that the company wants Sebi to expunge the parts of the order directing it to return money with interest to the investors as it has created a panic among the investors.
?The 99-page order (by Sebi) has created panic among the investors. They (Sebi) are holding press conferences and giving out press releases about the order,? he said.
A Sahara India statement had earlier said that Sebi has been vindictive and malicious towards the Sahara Group and this has been apparent from the chain of events, over the last one-and-a-half years.
Last month, the bench headed by chief justice SH Kapadia had directed the Sahara India Real Estate to furnish the application format for its OFCD schemes and its list of accredited agents who raised money.
While the two entities of Sahara Group ? Sahara India Real Estate Corporation and Sahara Housing Investment Corporation ? were raising money from investors through OFCDs, Sebi in November last year had barred the firms from mobilising funds, from the public, till it gave the firm further directions.
The regulator had also barred promoters of these entities, namely Subrata Roy Sahara and Ravi Shankar Dubey, among others from soliciting money from the public till further directions.
Earlier, the apex court has allowed Sebi to seek any information ?which it deems fit, including the names of the investors who have invested in the OFCD in the course of the inquiry.?
Sahara had challenged the Allahabad High Court?s April 7 order that refused to vacate its earlier order that allowed Sebi to seek information on its two scheme direction.