Sahara appeal 'not maintainable', says SAT

Tribunal disposes of appeal by the Group against recent Sebi action

The Securities Appellate Tribunal (SAT) today said that appeals filed before it by Sahara group entities are 'not maintainable' following directions given by the Supreme Court last year.

"...without going into merits, we dispose of the appeal as not maintainable in view of Apex Court’s order dated July 17, 2013, with liberty to the appellants to move this Tribunal, if any clarificationary order is passed by Apex Court,” SAT stated today in an order.

In July, the Supreme Court had expressed its displeasure over Sahara matters being heard on other forums.

"We make it clear that no High Court, Securities Appellate Tribunal and any other Forum shall pass any orders against the orders passed by Securities and Exchange Board of India (SEBI) in implementation of this Court’s judgment dated 31.08.2012,” it had stated in a July 2013 order.

Sahara had moved SAT against Sebi “aggrieved by communication dated October 25, 2013 whereby adjudicating officer of Sebi had fixed hearing of show cause notice dated March 28, 2013 on November 22, 2013,” the SAT order stated.