Mumbai: Petitions filed by two Sahara group companies, Sahara India Real Estate and Sahara Housing Investment Corp. challenging Securities and Exchange Board of India (SEBI) order which was passed against them , will come up at the Securities Appellate Tribunal (SAT) on Tuesday. The union ministry of corporate affairs will also appear as a party in the aforesaid case. The tribunal is expected to hear the matter on a continuous basis as Supreme Court has already ordered that the petition be disposed within five weeks and a week has already passed.
According to sources Sr. Advocate Arvind P Datar is appearing for SEBI, while DSK Legal Advisors are expected to represent Sahara. On July 15, the apex court had already directed the Sahara group to approach the SAT to appeal against SEBI, according to the order the group had to return money collected by issuing debentures to the public. The court had given three weeks to the Sahara group to appeal against the order and thereafter five weeks to the tribunal to pass an order. SEBI found the scheme of the Sahara group illegal and had ordered to return at least Rs. 6,588 crore collected under their debenture schemes to investors. The 99 page order of SEBI by Sh. M.K. Abraham found the Sahara group promoter and three directors jointly liable for the alleged scheme and was directed to make the refunds.
According to sources Sr. Advocate Arvind P Datar is appearing for SEBI, while DSK Legal Advisors are expected to represent Sahara. On July 15, the apex court had already directed the Sahara group to approach the SAT to appeal against SEBI, according to the order the group had to return money collected by issuing debentures to the public. The court had given three weeks to the Sahara group to appeal against the order and thereafter five weeks to the tribunal to pass an order. SEBI found the scheme of the Sahara group illegal and had ordered to return at least Rs. 6,588 crore collected under their debenture schemes to investors. The 99 page order of SEBI by Sh. M.K. Abraham found the Sahara group promoter and three directors jointly liable for the alleged scheme and was directed to make the refunds.
Sahara has been providing its services to our country since the past 33 years, their only aim has been to develop our country.. they are a very honest and trustworthy company.. and i would not think twice before investing with them again.
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