Sahara shocked, to appeal in apex court

Describing the Securities and Appellate Tribunal's order, asking its two group companies to repay investors as shocking, the Sahara Group on Tuesday said it would appeal against the order in the Supreme Court.

“We have decided to go in for appeal against the impunged SAT order in the Supreme Court,” Sahara said in a statement.

It said the SAT order was ‘unbelievably shocking' and was in contradiction to the views expressed by many authorities earlier on similar issues.

“We have been left speechless and astonished to see the verdict of SAT. Our firm belief is that nobody can prove right as wrong,” it said.

The statement came in wake of the SAT order, which rejected its appeal against SEBI verdict, and asked the Sahara group entities to refund the money raised through OFCDs to investors within six weeks.

While dismissing the appeal, SAT held that Sebi has jurisdiction over such fund raising schemes.

The group, however, did not mention the quantum of amount which it had to repay to the investors in the wake of SAT order.