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Moneylife » Investing » Regulations » SEBI-Sahara case: Supreme Court defers hearing till tomorrow

SEBI-Sahara case: Supreme Court defers hearing till tomorrow

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MDT/PTI | 04/12/2012 03:59 PM | 

A bench headed by Chief Justice Altamas Kabir granted one more day to Sahara which sought additional time to make a statement on when it would return Rs27,000 crore invested by people in its two companies

 
New Delhi: Sahara group was on Tuesday given a day more by the Supreme Court to spell out when it would return Rs27,000 crore invested by people in its two companies, reports PTI.
 
A bench headed by Chief Justice Altamas Kabir granted one more day to Sahara which sought additional time to make a statement on the issue before the apex court.
 
Senior advocate Gopal Subramaniam, appearing for one of the Sahara group companies, made the plea following which the bench deferred the hearing of the case till tomorrow.
 
Sahara Group had been yesterday directed by the apex court to apprise it on the issue of refunding the money to investors.
 
The court had pulled it up for not refunding the money despite its order and had asked Sahara India Real Estate Corporation Ltd (SIRECL) and Sahara Housing Investment Corporation Ltd (SHICL) to inform the court by today whether they would be able to refund the entire amount to their investors within a week.
 
Justice Kabir had come down heavily on the companies for not implementing the apex court's order and said they are not entitled to a hearing, but finally agreed to hear Sahara's plea saying he is more concerned about investors' money.
 

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