SAT asks ministry to produce files on Sahara case

SAT asks ministry to produce files on Sahara case

Mumbai: The Securities Appellate Tribunal or SAT on Monday asked the Ministry of Corporate Affairs to produce the file containing its decision to a letter written by Sahara Group asking them for informal guidance on the jurisdiction of ROC in the case of two Sahara Group companies that raised money from investors through optionally fully convertible debentures (OFCBs).

SAT was hearing an appeal filed by Sahara India Real Estate Corporation Ltd and Sahara Housing Investment Corporation Ltd against a Sebi order banning the two firms and its director from raising money from public through OFCBs.

Earlier in July the Supreme Court had asked SAT to examine the question of whether the two firms could use OFCBs to raise money from investors.

Mumbai-based Investor and Consumer Guidance Society on Monday filed an application before SAT asking to be made a party in the case. The hearing will continue on Tuesday.