Sahara moves SAT, seeks more time
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Sahara Group on Monday moved the Securities Appellate Tribunal (SAT) against 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 (SIRECL) and Sahara Housing Investment Corporation (SHICL) have approached the tribunal. The two entities have been directed by theSupreme Court to refund to their bondholders Rs 24,000 crore along with interest of 15% 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. In a public notice last month, Sebi had 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. Meanwhile, Sebi has decided to seek help from public sector banks and KYC Registration Agencies (KRAs) for carrying out 'in-person verification' of about three crore investors related to the case.
Sebi is already in the process of hiring outside investigating agencies to assist it in the matter involving two Sahara group companies.
In a statement, Sahara said its appeal before the Securities Appellate Tribunal (SAT) came up for admission on Monday. "After hearing the counsels for sides, the tribunal directed Sebi to file an affidavit in reply in the matter. Further, it asked Sebi to put on affidavit as to why Sebi refused to accept the documents which were being delivered by Sahara in respect of the investors," it said.According to the statement, Sebi is to file an affidavit within two weeks. (Times of India)
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