SAT removes Sahara appeals from pending list

The Securities Appellatte Tribunal (SAT) today disposed of four appeals by Sahara group entities and the group's chief, Subrata Roy.
The appeals were related to the case involving two Sahara Group firms raising money through optionally fully convertible debentures (OFCD) from investors.
These appeals, filed by Roy, two Sahara group firms -- Sahara Housing Investment Corp Ltd and Sahara India Real Estate Corp Ltd-- and its directors, were adjourned sine die by SAT in August 2013.
This was after the Supreme Court had ordered that these appeals stand transferred to the apex court.
"Since all these appeals are no more pending before this tribunal, we modify our order passed in these four appeals on August 12, 2013 to the effect that these four appeals shall be treated as disposed of and not pending before this Tribunal," SAT said in an order.

In August 2012, the apex court had directed the Sahara group firms to refund money raised from investors through optionally fully convertible debentures.