Sahara group has moved the Securities Appellate Tribunal with a petition to extend the deadline for submitting investor documents related to optionally fully convertible debentures (OFCDs) to the SEBI.

The case relates to refund of Rs 24,000 crore to investors raised by two Sahara companies — Sahara India Real Estate Corporation and Sahara Housing Investment Corporation using OFCDs.

Sahara’s counsel argued that the SEBI was like an executing court under civil law and had the powers to grant time. Hence the tribunal should direct the SEBI to grant time.

SEBI has been asked to file an affidavit on the issue in two weeks time.

raghavendrarao.k@thehindu.co.in

(This article was published on November 19, 2012)
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