SC reserves verdict on Sahara group plea

June 14th, 2012 - 10:28 pm ICT by IANS  

New Delhi, June 14 (IANS) The Supreme Court Thursday reserved its verdict on a plea by Sahara group of companies, dealing in real estate and housing, challenging a tribunal’s direction to repay money collected from investors through debentures.

The apex court bench of Justice K.S. Radhakrishnan and Justice J.S. Khehar reserved the order after arguments spread over three weeks wherein senior counsel Fali Nariman and Gopal Subramanium, who had appeared for the Sahara group of companies, contested the Securities Appellate Tribunal’s award.

The tribunal directed Sahara India Real Estate Corp Ltd. and Sahara Housing Investment Corp Ltd. to return, along with interest, investors’ Rs.19,400 crore collected through optional fully convertible debentures.

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