SAT admits Sahara petition, hearing from September 5

Securities Appellate Tribunal ( SAT) on Tuesday admitted petitions by two Sahara group firms challenging an order by market regulator Securities and Exchange Board of India (Sebi). The Tribunal directed the respondents, Sebi and the Union ministry of corporate affairs to file their responses to the petitions by August 26. Sahara can file its rejoinder, if any, before hearing commences on September 5. SAT Presiding Officer Justice N K Sodhi further said the case will be heard on a day-to-day basis beginning September 5. Sahara Housing Invest Corp and Sahara India Real Estate had been directed by Sebi to refund at least Rs 6,588 crore raised from some 6.6 million investors by issuing optionally fully convertible debentures.