Markets

SAT dismisses Sahara group cos plea

Our Bureau Mumbai | Updated on March 12, 2018 Published on December 20, 2012

The Securities and Appellate Tribunal has dismissed the appeal by two Sahara Group companies for an extension of the deadline for submission of documents to market regulator Securities and Exchange Board of India.

The two companies, Sahara Housing Investment Corporation (SHICL) and Sahara India Real Estate Corporation (SIRECL), had filed an appeal with SAT, a month ago.

In its hearing today, SAT dismissed the appeal as 'non-maintainable'.

A fortnight ago, the Supreme Court had ordered the two companies to submit documents related to their bondholders to SEBI by today. The Supreme Court had asked the two companies to refund payments to investors with 15 per cent interest within nine weeks. These companies made an immediate payment of Rs 5,120 crore on the court's orders. They were asked to pay the first instalment of Rs 10,000 crore by January and the balance in February.

>vageesh@thehindu.co.in

Published on December 20, 2012
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