Sahara's appeal before SAT postponed to Jan 17

SC to decide on Jan 2 on whether SAT can hear the appeal

The Securities Appellate Tribunal (SAT) today decided to postpone the hearing in an appeal filed by a Sahara group firm to January 17, pending Supreme Court clarity on the matter.

Last week, the tribunal had asked appellant Sahara India Real Estate Corporation to clarify with the apex court on whether Supreme Court or SAT would be the appropriate forum to hear the appeal.

Sahara's counsel told SAT that it has filed an application before the Supreme Court on December 21 seeking clarification on the same. The apex court is likely to decide on the issue on January 2, the counsel said.

The counsel said Sahara's appeal is pertaining to a recent show cause notice issued by Sebi.

Last week, SAT had suggested that it may not be appropriate for it to hear a matter already being heard at the Supreme Court. Sahara lawyers had subsequently sought time to gain clarity on if the matter can be heard at  SAT.

In July, the Supreme Court had expressed its displeasure over Sahara matters being heard on other forums. It had ordered the transfer of matters pending before the SAT and the Allahabad High Court on the Sahara matter to the apex court.  

The Sahara group companies and its directors had earlier moved the Lucknow bench of the Allahabad High Court against a Sebi direction issued in February, ordering attachment of group properties. It had also filed an appeal in SAT.

In an August 2012 order, the Supreme Court had directed two Sahara group firms to refund Rs 24,029 crore that it raised from investors.

Two Sahara group companies had raised the capital through sale of optionally fully convertible debentures (OFCDs).