This ad will auto close in 10 seconds

SC admits Sahara's plea; stay on SAT order to continue

Last Updated: Monday, January 9, 2012 - 16:10

New Delhi: The Supreme Court Monday admitted Sahara group's plea challenging the Securities Appellate Tribunal (SAT) order directing its two companies to refund around Rs 17,400 crore to their investors, and extended its interim order to stay tribunal's decision till further date.

Admitting Sahara's plea, a bench headed by Chief Justice S H Kapadia listed the matter for further hearing on January 20.

The group informed the court that it has filed affidavit explaining that it will protect the interests of 2.3 crore investors who have put in their money in Sahara India Real Estate Corporation (now known as Sahara Commodity Services Corporation Ltd) and Sahara Housing Investment Corporation.

The bench had earlier on November 28 had asked the companies to place before it their 2010-11 balance sheets and statements of accounts for November 2011 by Monday.

"Net worth of the companies particularly assets against which liability has been created, financial statements including balance sheets of 2010-11 and statements of accounts of the companies of November 2011 shall be mentioned in the affidavit," the bench had said.


First Published: Monday, January 9, 2012 - 16:10
comments powered by Disqus