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The Securities Appellate Tribunal (SAT) has listed the hearing of four Sahara appeals against the Securities and Exchange Board of India (Sebi) on Monday.
The list of hearings for August 12 shows 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.
Interestingly, the Supreme Court had asked for transfer of all of Sahara’s applications pending before SAT and the Allahabad High Court to the apex court. The court had also expressed displeasure at interference by other forums.
The matter is next to be heard in the Supreme Court on Tuesday.
The stock market regulator had moved against the Sahara group for raising money through issue of debentures without submitting themselves to appropriate regulatory oversight. The group is said to have raised in excess of Rs 24,029 crore from around 30 million investors.
A refund has been ordered, but the company has claimed that most of the money has been already refunded except for Rs 5,120 crore.
The regulator had pressed the apex court for the impounding of the passports of key Sahara officials at the previous hearing.
