Sahara seeks review of apex court verdict on refunding Rs.24,000 crore to investors

Written by feBureau | New Delhi | Updated: Oct 6 2012, 07:52am hrs
The Sahara group on Friday moved the Supreme Court seeking a review of its judgment that asked its two firms to refund around R24,000 crore to investors who put their money in its optionally fully convertible debentures (OFCDs).

The Sahara entities Sahara India Real Estate Corporation (now known as Sahara Commodity Services Corporation) and Sahara Housing Investment Corporation had raised nearly R17,656.53 crore as on August 31, 2011 via the OFCD scheme.

Challenging the apex court's August 31 verdict on 55 counts, Sahara has sought the hearing of its review petition in an open court.

Assuring the court that all its investors were genuine and they would comply with the judgment, the firms said that they were seeking a review so as to protect their image in the public eye, business national and international.

Pleading with the apex court, the Sahara group also sought expunging of its remarks that cast "serious aspersions" upon the firm's business ethics without any basis. On the observations that the firms had made a "pre-planned attempt" to bypass the regulatory and administrative authority of the Sebi, Sahara said 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."