Sahara moves SAT against Sebi, seeks more time- Business News

Sahara moves SAT against Sebi, seeks more time

BT Online Bureau   New Delhi     Last Updated: November 20, 2012  | 14:30 IST

Sahara Group has moved the Securities Appellate Tribunal against market regulator Sebi , seeking more time to submit documents related to about three crore investors in the case involving two group companies.

Sahara India Real Estate Corporation Ltd (SIRECL) and Sahara Housing Investment Corporation Ltd (SHICL) have been directed by the Supreme Court to refund to their bondholders Rs 24,000 crore along with interest of 15 per cent per annum for violating norms in raising funds from public.

The companies have moved the tribunal asking it to direct Sebi to allow them time till January 31 to submit necessary documents related to the case. The ten-day deadline set by the Supreme Court, in its order dated August 31, for the two entities to submit details of the concerned investors, has already expired.

Sebi had earlier said that the two companies have not submitted the relevant documents to it and had also advised investors against yielding to any pressure from "Saharas or their agents" for switching over their investments in SIRECL and SHICL to other group companies. (With Agency Inputs)

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