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Sahara turns to apex court

New Delhi, Nov. 30 (PTI): The Sahara group today moved the Supreme Court against the order of the Securities Appellate Tribunal (SAT) dismissing its appeal against market regulator Sebi in a case involving the refund of about Rs 24,000 crore with interest to about three crore investors.

A bench headed by Chief Justice Altamas Kabir listed the matter for hearing on Monday.

The counsel for Sahara told the bench that the company was ready with a draft of Rs 5,100 crore for deposit in the apex court’s registry.

Two Sahara group firms had sought the tribunal’s intervention in refund of investors’ money and had accused Sebi of wrongly charging them of non-compliance with a Supreme Court order in that regard.

The apex court had asked Sahara India Real Estate Corporation and Sahara Housing Investment Corporation to refund an estimated Rs 24,000 crore with an annual interest of 15 per cent, while Sebi was directed to facilitate the refund to about three crore investors of the two firms.

 
 
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