New Delhi: Sahara group on Friday moved the Supreme Court against the order of the Securities Appellate Tribunal (SAT) dismissing its appeal against market regulator Securities and Exchange Board of India (Sebi) in a case involving refund of about Rs.24,000 crore with interest to about 30 million investors.
A bench headed by the Chief Justice of India Altamas Kabir has listed the matter for hearing on Monday. The counsel for Sahara told the bench that the company was ready with a draft of Rs.5,100 crore for deposit in the apex court’s registry. In their appeal before SAT, two Sahara group firms had sought the Tribunal’s intervention in refund of investors’ money and had accused Sebi of wrongly charging them with non-compliance with a Supreme Court order in that regard. The Tribunal, however, had said that any further direction in the case could be sought and granted by the Supreme Court alone and dismissed the appeal.
The apex court had asked Sahara India Real Estate Corp. Ltd and Sahara Housing Investment Corp. Ltd to refund an estimated Rs.24,000 crore with an annual interest of 15%, while Sebi was directed to facilitate the refund of this money to about 30 million investors of the two firms. The court had asked the companies to furnish the documents related to these investors to Sebi within 10 days and refund the money within three months, failing which the regulator was asked to freeze the accounts and attach properties of the two firms.
(Sahara has filed a defamation case in a Patna court against Mint’s editor and some reporters over the newspaper’s coverage of the company’s disputes with Sebi. Mint is contesting the case.)