 "Supreme Court to hear Sebi-Sahara case on Aug 13")
The Supreme Court (SC) will continue hearing the matter between the Sahara group and market regulator Securities and Exchange Board of India (Sebi) on Tuesday.
The case pertains to an August 31 Sebi order directing two group firms Sahara India Real Estate Corp and Sahara Housing Investment Corp to refund Rs 24,000 crore collected from nearly 30 million investors through optionally fully convertible debentures (OFCDs).
Four appeals by the Sahara group were listed for hearing before the Securities Appellate Tribunal (SAT) today. However, the tribunal couldn't take up the matters given the Supreme Court diktat.
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The apex court, in May, had ordered a stay on all proceedings in connection with the Sahara refund case pending before SAT and Allahabad High Court.
The cause list for August 12 showed appeals by Subrata Roy Sahara, Sahara Housing Investment Corp Ltd (formerly known as Sahara India Trustee Co Ltd), Sahara India Real Estate Corp Ltd (formerly, Sahara India ‘C’ Junxion Corp Ltd) as well as an appeal by Ashok Roy Choudhary and others.