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Sahara group moves SC against SAT order

 

AGENCIES | New Delhi, November 30, 2012 11:46
Tags : Sahara Group | SAT order | SEBI | |
 

Sahara group moves SC against SAT orderSahara Group has moved Supreme Court challenging the Securities Appellate Tribunal's order dismissing its appeal against SEBI on refund of Rs24,000 crore to investors.

Earlier on Thursday, the Securities Appellate Tribunal dismissed an appeal by two Sahara group firms against SEBI in the high-profile case involving the refund of about Rs24,000 crore with interest to about three crore investors.

Sahara firms in their appeal had sought the tribunal's intervention in refund of investors' money and had accused the market regulator SEBI of wrongly charging them of non-compliance with a Supreme Court order in this regard.

Passing the order on the appeal filed on November 27, SAT observed that "a contempt petition filed by the respondent Board (Securities and Exchange Board of India) and a review petition filed by the appellants (Sahara group firms) against the order dated August 31, 2012 are already pending before Supreme Court."

The apex court had asked Sahara India Real Estate Corporation Ltd (SIRECL) and Sahara Housing Investment Corporation Ltd (SHICL) to refund an estimated Rs24,000 crore with an annual interest of 15%, while SEBI was directed to facilitate the refund of this money to about three crore bondholders of the two firms.

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Issue Dated: Feb 5, 2017