SAT asks One Life Capital to make fresh application with Sebi by May 10 to buy Sahara MF

The Securities Appellate Tribunal (SAT) has directed One Life Capital Advisors Ltd to make a fresh application with markets regulator Sebi by May 10 seeking its approval to buy Sahara Asset Management Company.

"We direct One Life Capital Advisors to make a fresh application on or before May 10, 2018 seeking approval of Sebi for being the sponsor by purchasing 100 per cent equity capital of Sahara Asset Management Company," the tribunal said in an order dated May 3.

Last month, the tribunal had allowed Sahara Group to withdraw the plea against Sebi order that directed Sahara Mutual Fund (MF) to wind up its schemes.

Prior to that, Sebi had last month asked Sahara MF to wind up all its schemes. Against this order, Sahara Group had moved the tribunal.

Sahara Group has been engaged in a long-running regulatory and legal battle with Sebi ever since it ordered refund of a massive over Rs 24,000 crore by two Sahara entities.

In July 2015, Sebi had cancelled Sahara MF's registration saying it was no longer "fit and proper" to carry out the business and ordered transfer of its operations to another fund house. It had also directed cancellation of Sahara MF's registration on expiry of a six-month period.

Following the Sebi order, Sahara MF had approached the tribunal which granted six weeks to the appellants to approach the Supreme Court. Subsequently, Sahara MF had filed an appeal in the Supreme Court.

The appeal was dismissed by the apex court in October 2017. Thereafter, Sebi had instructed Sahara MF to strictly comply with the timeline specified in its July 2015 order.

In its order, last month, Sebi had modified its earlier directive.