SC to hear Sahara's plea against SAT order next week
The counsel for Sahara told the bench that the company was ready with a draft of Rs 5,100 crore for deposit in the apex court's registry.
New Delhi: Supreme Court has said that it would hear Monday the petition by two real estate companies of the Sahara Group challenging the Securities Appellate Tribunal (SAT) rejecting their plea to direct its registrar accept a pay order of Rs.5,120 crore that it had to deposit to SEBI towards the payment of investors' deposits.
An apex court bench headed by Chief Justice Altamas Kabir directed the listing of the matter Monday, after senior counsel Gopal Subrahmaniam mentioned Sahara's plea before it Friday.
The Sahara India Real Estate Corporation and Sahara Housing Investment Corporation Ltd had moved the SAT seeking direction to its registrar to accept their pay order of Rs.5,120 crore towards payment of investors' money which these two companies had mopped up through Optionary Fully Convertible Debentures.
SAT had rejected Sahara's plea on Thursday.
The Sahara real estate companies were directed by the Supreme Court in August to refund the investors' money.
As Gopal Subramaniam mentioned the matter, counsel Prashant Bhushan told the court that the amount to be refunded by the Sahara real estate companies was Rs.24,000 crore.