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SAT to hear Sahara firms plea today

Mumbai, Dec 19, 2012, PTI:

The Securities and Appellate Tribunal (SAT) will hear on Thursday an appeal by two Sahara group firms, which had sought extension for submission of documents related to their bondholders to market regulator Sebi.

These appeals were filed about a month ago by Sahara Housing Investment Corporation Ltd (SHICL) and Sahara India Real Estate Corporation Ltd (SIRECL).
As per the information available with SAT, the appeals by the two companies are listed for tomorrow for "admission".

Incidentally, a deadline set by the Supreme Court in its order dated December 5 for submission of investor documents by the Sahara group to Sebi, also expires on Thursday.

The two companies had also filed another appeal on November 19 for allowing deposit of money with the registrar of SAT. However, this appeal was dismissed by the tribunal on November 29.

Thereafter, the two companies had approached the Supreme Court against the SAT order. After hearing their appeal, the Supreme Court on December 5 directed the two companies to refund the outstanding payments to the investors with 15 per cent interest in phases in nine weeks.


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