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Sahara group plea against SAT order to be heard on Monday

K. Raghavendra Rao Mumbai | Updated on March 12, 2018 Published on November 30, 2012

The Supreme Court had on Thursday admitted the Sahara Group’s appeal against the SAT order. The case has been listed for hearing on December 3.

SAT had refused to accept the custody of Sahara Group’s Rs 17,400 crore plus interest with the SAT registry, instead of SEBI, citing lack of jurisdiction.

SAT further added that any further direction or modification in the directions issued by the Supreme Court can be sought for and granted by that court alone.

The Supreme Court deadline for refund ends on November 30.

On August 31, 2012, the Supreme Court had directed two Sahara group companies — Sahara India Real Estate Corporation and Sahara Housing Investment Corporation — to refund Rs 17,400 crore with 15 per cent interest from the date of receipt of the subscription amount till the date of repayment, within a period of three months from that day.

SEBI was directed to submit a status report approved by Justice B.N. Agrawal, who was appointed by the apex court to oversee the refund process.

Published on November 30, 2012
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