The Supreme Court today admitted Sahara India Real Estate Corporation Limited (SIRECL’s) plea challenging the Securities Appellate Tribunal (SAT) order directing it to refund around Rs.17,400 crore to investors who had invested in its optionally fully convertible debentures (OFCDs).
A bench of Justice SH Kapadia, Justice AK Patnaik, and Justice Swatanter Kumar also extended the period for refunding the money till further orders. The bench posted the case for further hearing on January 20.
Sahara, meanwhile, submitted before the court that it had filed an affidavit explaining how it was going to protect the debenture holders.
On November 28 last year, the apex court had extended the refund order till January 9 and directed SIRECL to file an affidavit giving details of the application of the funds which has been collected from the depositors.
The bench had directed SIRECL (now known as Sahara Commodity Services Corporation Ltd) to explain in the affidavit the particulars of the network of the companies and its assets against which the liabilities has been created.
The bench had also directed SIRECL to give details of the balance sheets as on March 31, 2011 and the statement of accounts till November 30, 2011 of the companies.
Earlier in October, SAT had given SIRECL a deadline of six weeks to refund Rs.17,400 crore collected through the issuance of OFCDs with an interest of 15 per cent.
Sahara had approached the SC contesting the appellate tribunal’s October 18 order to refund the raised money to more than 23 million investors.
