)
The Sahara group has sought time to seek clarity from the Supreme Court on an appeal it is seeking to file in the Securities Appellate Tribunal.
The appeal was listed for hearing on Tuesday. The group sought time till Monday for a fresh clarification from the apex court on whether the tribunal was the appropriate forum. The tribunal suggested it might not be appropriate for it to hear a matter already being heard at the SC. Sahara lawyers subsequently sought time to gain clarity on whether the matter could be heard at SAT.
A source suggested the appeal followed a showcause notice from the Securities and Exchange Board of India for non-compliance with multiple regulatory directions. The Sebi counsel did not respond to a request for clarification and an email sent to the regulator did not receive a reply.
The SC had in July expressed its displeasure with the matter being heard at other forums. It had ordered the transfer of matters pending before the SAT and the Allahabad High Court on the Sahara matter to the apex court.
The Sahara group companies and its directors had earlier moved the Lucknow bench of the Allahabad HC against a Sebi direction issued in February, ordering attachment of group properties. It had also filed an appeal in SAT. The SC had earlier asked two Sahara group companies to refund Rs 24,029 crore raised from investors, in an order passed in August 2012. Sebi had said the capital was raised without adequate regulatory oversight, a stand upheld by the SC.
The Sahara group then deposited Rs.5120 crore with the regulator and had claimed that most of the remainder had already been refunded to investors directly.
The Sahara group said that it has submitted fresh title deeds worth around Rs 20,000 crore, in the Supreme Court hearing on December 11. The group submitted over 3,000 title deeds said to be worth Rs.20,172 crore. Plots within the group’s Aamby Valley luxury township project near Mumbai accounted for over half the amount.
The Supreme Court also declined to end a direction preventing Sahara chief Subrata Roy from leaving the country. Meanwhile, Sebi has also written to banks to freeze the group’s accounts. The Supreme Court is next set to hear the matter in January.
Sahara seeks to move SAT again
* Sahara sought to file an appeal in SAT on Tuesday
* Tribunal suggested that it may not be appropriate to hear a matter already pending in the Supreme Court
* Sahara seeks time to gain clarity from the Supreme Court
* Matter to be taken up again on Monday
