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Sahara group moves SC against SAT order

The tribunal had dismissed Sahara's appeal against Sebi in a case involving refund of about Rs 24,000 crore with interest to about three crore investors

Press Trust of India  |  New Delhi 

Group today moved the Supreme Court against the order of the Securities Appellate Tribunal (SAT) dismissing its appeal against market regulator in a case involving 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 told the bench that the company was ready with a draft of Rs 5,100 crore for deposit in the apex court's registry.

In their appeal before the SAT, two Group firms had sought the tribunal's intervention in refund of investors' money and had accused the market regulator of wrongly charging them of non-compliance with a Supreme Court order in that regard.

The Tribunal, however, had said that any further direction in the case could be sought and granted by the Supreme Court alone and dismissed the appeal.

The apex court had asked India Real Estate Corporation Ltd (SIRECL) and Housing Investment Corporation Ltd (SHICL) to refund an estimated Rs 24,000 crore with an annual interest of 15%, while was directed to facilitate the refund of this money to about three crore investors of the two firms.

The court had asked the to furnish the documents related to these investors to within 10 days and refund the money within three months, failing which the regulator was asked to freeze the accounts and attach properties of the two firms.

First Published: Fri, November 30 2012. 11:21 IST
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