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Sahara
seeks more time to tender refund details to SC
Tuesday December 04, 2012 12:32:43 PM,
IANS
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New Delhi: A day after
being pulled up by the Supreme Court, the Sahara Group's two real
estate companies Tuesday sought more time to furnish the details
of the refund of the investors' money it had mopped up through
optionally fully-convertible debentures (OFCD).
As senior counsel Gopal Subramaniam appearing for the Sahara
Group's companies sought more time till lunch break to furnish the
details, the apex court's bench headed by Chief Justice Altamas
Kabir adjourned the hearing for Wednesday.
Gopal Subramaniam told the court that the group needed more time
to go through the requisite documents to furnish the details of
the refund of the investors' money it has to make in pursuance of
the apex court's direction.
The Supreme Court Monday lashed out at the Sahara group's real
estate companies, saying their intentions are "shady" in the
matter of returning the investors' money mopped up through
debentures and had given the firms seven days to pay up.
"You have no intention of returning (the investors' money). Your
intentions are shady," said the apex court bench of the chief
justice, Justice S.S. Nijjar and Justice J. Chelameswar.
The Sahara India Real Estate Corporation and Sahara Housing
Investment Corporation had challenged in the court an order issued
by the Securities Appellate Tribunal (SAT).
The Sahara real estate companies have challenged the SAT order
which rejected their plea to direct its registrar to accept a pay
order of Rs.5,120 crore.
The pay order was meant to be deposited with the Securities and
Exchange Board of India (SEBI) by Nov 30 for the refund to
investors.
The court Aug 31 directed the companies to return to investors
Rs.17,400 crore with 15 percent interest that they had collected
through optionally fully convertible debentures in 2008 and 2009.
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