SC admits Sahara`s plea over SAT order
The Supreme Court on Monday admitted Sahara group`s plea challenging the Securities Appellate Tribunal (SAT) order to refund investors.
New Delhi: The Supreme Court on 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
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 today.
"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.