The Supreme Court on Monday admitted a plea by the Sahara group against the Securities Appellate Tribunal (SAT) order asking two of its companies to refund Rs 17,400 crore to its investors.

The apex court said until its further directions, its stay on the SAT order will continue. The matter will be heard again on January 20.

Last November, the court had stayed the SAT order and directed the Sahara group firms to submit in an affidavit the details of their companies' net worth, assets and liabilities, financial statements including their balance sheets (2010-11) and their statement of accounts (for November 2011) as well as their plans to protect the 2.3 crore investors who have invested in Sahara Housing Investment Corporation and Sahara India Real Estate Corporation (now known as Sahara Commodity Services Corporation Ltd).

The Sahara group has now informed the court that the affidavit has been filed on protecting the investors' interests.

The court had also issued notices to the Centre and SEBI for their reply to Sahara's petition against the SAT order. The SAT had in October last year asked the Sahara group firms to refund within six weeks the money that was raised through optionally fully convertible debentures (OFCD).

arun.s@thehindu.co.in

(This article was published on January 9, 2012)
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