SAT Declined Accepting Sahara Investor Money, Also Dismissed The Plea

The Securities Appellate Tribunal (SAT) on 29 November 2012 dismissed appeals of two Sahara companies- Sahara India Real Estate Corp (SIRECL) and Sahara Housing Investment Corp (SHICL) against SEBI. Sahara wanted SAT to intervene in the issue of refunding the money of investors which is aggregating to around 24000 crore Rupees.  

The Sahara companies had indicted SEBI on the grounds that it had wrongly charged the two for not abiding by the order given by the Supreme Court in context with the refunds to around 3 crore investors. After the order of SAT, the Sahara lawyer opined that SIRECL and SHICL offered the payment of 5120 crore to SAT because SEBI did not accept it, but it was also not accepted by SAT in reference to the decision of Supreme Court.

On 29 November 2012, SAT have order that any further directions would only be given by the SC and therefore it dismissed the appeal. SAT also mentioned that contempt petition filed by SEBI as well as the review petition by the two Sahara companies against SC order given on 31 August 2012 were also pending before SC.