Sahara group moves SC against SAT order

Supreme Court of India. Reuters

The Council for the Sahara told the Bank that the company finished a draft of Rs 5,100 crore for deposit in the apex court was.

In their appeal to the SAT, two Sahara group of companies sought the Tribunal intervention in repayment of the money from investors and the market regulator Sebi of wrongly charging of non-compliance with a Supreme Court order in that respect had accused.

The Tribunal, however, had said that any further direction in the case can be wanted and awarded by the Supreme Court alone and dismissed the appeal.

The apex court had asked Sahara India Real Estate Corporation Ltd (SIRECL) and Sahara housing investment Corp. Ltd. (SHICL) to an estimated Rs 24,000 crore with an annual interest rate of 15 percent, while Sebi was aimed at facilitating the refund of this money to refund investors of the two companies three crore.

The Court had asked the companies to consult the documents relating to these investors to Sebi within 10 days and refund the money within three months, failing which the regulator was asked to freeze the accounts and properties of the two companies.

PTI

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