Apex court extends interim relief for Sahara group firms (Lead)
January 9th, 2012 - 11:29 pm ICT by IANSNew Delhi, Jan 9 (IANS) The Supreme Court Monday admitted a plea by two Sahara group companies challenging the Securities Appellate Tribunal’s order directing them to refund Rs.17,400 crore mopped up from 2.3 crore investors and ordered the continuation of its interim stay on the tribunal’s direction.
The apex court bench of Chief Justice S.H. Kapadia, Justice A.K. Patnaik and Justice Swatanter Kumar admitted the plea after it was told that an affidavit had been filed by the two companies giving details of their financial status and assuring that the interest of the 2.3 crore investors would be protected.
Two Sahara group companies - Sahara India Real Estate Corp and Sahara Housing Investment Corp - filed the affidavit on apex court’s direction of Nov 28, 2011.
The court asked the two companies to file an affidavit stating their net worth, details of assets and liabilities and the manner in which they had deployed the investors’ money.
The two firms collected Rs.19,400 crore from 2.3 crore investors through optional fully convertible debentures. The apex court was told during the last hearing that out of the total, Rs.2,000 crore had already been invested.
The Sahara group challenged the SAT order of Oct 18, 2011, by which it directed the two companies to refund Rs.19,400 crore within six weeks with 15 percent interest.
During the last hearing, the apex court also issued notice to both the central government and the securities and exchange regulator on the plea of the Sahara companies.
- Apex court notice to SEBI on Sahara companies' plea - Nov 28, 2011
- Apex court extends interim relief for Sahara group firms - Jan 09, 2012
- Supreme Court declines plea against Sibal (Lead) - Jul 11, 2011
- High court rejects IT department's plea against Nirma (Lead) - Mar 23, 2011
- Timeline of the 2G case - Feb 04, 2012
- CBI probe against Maran in 2G not honest: Petitioner - Sep 06, 2011
- Government plea on Vodafone tax verdict dismissed (Second Lead) - Mar 20, 2012
- 2G case: Court notice to government on property attachment - Feb 22, 2012
- Highlights of developments in realty industry (To go with: Tough year for realty, no respite seen in short-run) - Dec 29, 2011
- 'Expedite issue of completion certificates' - Feb 24, 2012
- SC asks CBI to probe if Yeddyurappa kin got kickbacks (Lead) - May 11, 2012
- Apex court wants details of Abu Salem case proceedings - Mar 19, 2012
- CBI again opposes Kanimozhi bail plea (Third Lead) - Jun 17, 2011
- Government wants Andhra mine iron ore sale ban till CBI probe - May 03, 2011
- TDSAT notice to Etisalat on RComm's Rs.1,200 crore dues - Feb 23, 2012
Tags: affidavit, apex, apex court, appellate tribunal, assets and liabilities, central government, chief justice, continuation, convertible debentures, court bench, group companies, group firms, india real estate, interim relief, kapadia, New Delhi, plea, sahara group, sahara india, six weeks