Business Standard

SAT to hear Sahara appeal today on deadline extension

Related News

The Securities and Appellate Tribunal (SAT) on Thursday will hear an appeal by two Sahara group firms, which had sought extension in time for submission of documents related to their bondholders to market regulator Securities and Exchange Board of India (Sebi).

These appeals were filed about a month ago by Sahara Housing Investment Corporation Ltd (SHICL) and Sahara India Real Estate Corporation Ltd (SIRECL).

According to the information available with SAT, the appeals by the two companies are listed for “admission” on Thursday.

Incidentally, a deadline set by the Supreme Court in its order dated December 5 for submission of investor documents by the Sahara group to Sebi, also expires tomorrow.

The two companies had also filed another appeal on November 19 for allowing deposit of money with the registrar of SAT. However, this appeal was dismissed by the tribunal on November 29.

Thereafter, the two companies had approached the Supreme Court against the order. After hearing their appeal, the Supreme Court on December 5 directed the two companies to refund the outstanding payments to the investors with 15 per cent interest in phases in nine weeks.

While the companies were asked to make an immediate payment of Rs 5,120 crore, the court also asked them to pay the first instalment of Rs 10,000 crore by the first week of January and the remaining by the first week of February.

Read more on:   
|
|
|
|

SAT to hear Sahara appeal today on deadline extension

The Securities and Appellate Tribunal (SAT) on Thursday will hear an appeal by two Sahara group firms, which had sought extension in time for submission of documents related to their bondholders to market regulator Securities and Exchange Board of India (Sebi).

The Securities and Appellate Tribunal (SAT) on Thursday will hear an appeal by two Sahara group firms, which had sought extension in time for submission of documents related to their bondholders to market regulator Securities and Exchange Board of India (Sebi).

These appeals were filed about a month ago by Sahara Housing Investment Corporation Ltd (SHICL) and Sahara India Real Estate Corporation Ltd (SIRECL).

According to the information available with SAT, the appeals by the two companies are listed for “admission” on Thursday.

Incidentally, a deadline set by the Supreme Court in its order dated December 5 for submission of investor documents by the Sahara group to Sebi, also expires tomorrow.

The two companies had also filed another appeal on November 19 for allowing deposit of money with the registrar of SAT. However, this appeal was dismissed by the tribunal on November 29.

Thereafter, the two companies had approached the Supreme Court against the order. After hearing their appeal, the Supreme Court on December 5 directed the two companies to refund the outstanding payments to the investors with 15 per cent interest in phases in nine weeks.

While the companies were asked to make an immediate payment of Rs 5,120 crore, the court also asked them to pay the first instalment of Rs 10,000 crore by the first week of January and the remaining by the first week of February.

image

Read More

Two entities fail to make prima facie case to revoke ban: Sebi

The Securities and Exchange Board of India (Sebi) today said the restraining order on two entities, related to plunge in some mid-cap stocks in July, ...

Recommended for you

Quick Links

Market News

Nickel rises by 0.1% on Asian cues

Traders strengthened positions amid a firming Asian cues

Oil prices rise further in Asia

Expectations of a decline in US crude inventories and robust economic data from the eurozone helped prices

Markets remain rangebound; HUL up over 2%, Hindalco dips 1%

Investors are optimistic about a possible solution between Greece and its international creditors to avert a debt crisis

Pharma shares in focus; Aurobindo Pharma hits new high

JB Chemicals, Alembic Pharma, Aurobindo Pharma, Ipca Laboratories and Dishman Pharma were up 3%-11% each.

Infinite Computer gains on board approval for share buyback proposal

The stock spurted 5% at Rs 171 after the board approved the buyback of shares at a maximum price of Rs 220 per share from the open market ...

 

Back to Top