Sahara group moves SC against SAT order
Last Updated: Friday, November 11, 2011 - 22:17
New Delhi: The Sahara group on Friday moved the Supreme Court challenging Securities Appellate Tribunal (SAT) order asking the company to refund the money raised through Optionally Fully Convertible Debentures (OFCD) to investors within six weeks.
SAT had on October 18 asked the group's two companies -- Sahara India Real Estate Corporation (now known as Sahara Commodity Services Corporation Ltd) and Sahara Housing Investment Corporation -- to return the money.
Sahara, which has challenged the SAT's order has also sought an interim stay on it.
SAT had passed the order on an appeal filed by the group challenging the order of the SEBI which had in June asked the two its two entities to return the money collected from investors through financial instrument OFCD citing violation of regulatory norms.
Besides, the stock market regulator had also restrained the entities from accessing the securities market for raising funds till the time payments are made to the satisfaction of the SEBI.
The two companies and its promoter Subrata Roy Sahara, and the directors -- Vandana Bhargava, Ravi Shankar Dubey and Ashok Roy Choudhary-- jointly and severally were told to refund the money collected.
The company had then approached the Supreme Court which asked it to approach the Tribunal.
First Published: Friday, November 11, 2011 - 22:17