Sahara moves SC against Sebi order on refunds

A Sahara Group firm has moved the Supreme Court against market regulator Sebi’s order asking it to return money collected from investors through a scheme along with 15 per cent interest.

A vacation bench headed by Justice P Sathasivam directed the matter to be listed for hearing on July 4, the first day after the vacation. Sahara India has criticised market regulator’s move to make its order public when the matter is pending before the Supreme Court.

Sebi on June 23 had directed two Sahara group companies — Sahara India Real Estate Corp (SIRECL) and Sahara Housing Investment Corp (SHICL) — to refund the money raised from investors through optionally fully convertible debentures (OFCDs) with an annual interest of 15 per cent from the date of receipt of money.

The Sahara group firm sought directions to Sebi to remove the order from its website and restrain the market regulator and its officials from publicising the order which it has challenged. The Sahara’s counsel argued that the company wants Sebi to expunge the parts of the order directing it to return money with interest to the investors as it has created a panic among the investors. “The 99-page order (by Sebi) has created panic among the investors. They (Sebi) are holding press conferences and giving out releases about the order,” he said.  (Indian Express)