Sahara moves SC against SAT order

November 30, 2012 10:47 pm | Updated October 18, 2016 01:04 pm IST - NEW DELHI

The Sahara Group, on Friday, moved the Supreme Court against the order of the Securities Appellate Tribunal (SAT) dismissing its appeal against market regulator SEBI in a case involving refund of about Rs.24,000 crore with interest to about three crore investors.

A bench headed by Chief Justice Altamas Kabir listed the matter for hearing on Monday.

The counsel for Sahara told the bench that the company was ready with a draft of Rs.5,100 crore for deposit in the apex court’s registry.

In their appeal before the SAT, two Sahara Group firms had sought the Tribunal’s intervention in refund of investors’ money and had accused the Securities and Exchange Board of India of wrongly charging them of non-compliance with a Supreme Court order in that regard.

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