The Supreme Court on Monday stayed the order of the Securities Appellate Tribunal (SAT) directing two Sahara group companies to refund around Rs 17,400 crore to their investors till its next hearing, which is now set for January 8, 2012. “We extend the period upto the next hearing,” the SC bench comprising Chief Justice S H Kapadia and Justices A K Patnaik and Swatanter Kumar said.
Earlier, on October 18, SAT had ordered the two Sahara group companies — Sahara Commodity Services Corp (formerly Sahara India Real Estate Corp) and Sahara Housing Investment Corp — six weeks to refund the amount to investors. The apex court on Monady said that this order will be kept in abeyance and further order on this will be based on the next hearing, which will be on January 8.
The SC bench also directed the two Sahara companies to file a detailed affidavit explaining how it will protect the interests of their 2.3 crore investors who have put money in the two companies. The bench also asked the companies to place before it their 2010-11 balance sheets and statements of accounts for November 2011 by January 8, the next date of hearing.
“Net worth of the companies, particularly assets against which liability has been created, financial statements, including balance sheets of 2010-11 and statements of accounts of the companies of November 2011, shall be mentioned in the affidavit,” the bench said. The case relates to two Sahara firms issuing optionally fully convertible debentures (OFCDs) to several investors which was contested by Sebi saying that the companies should have taken regulatory nod before proceeding with such an offer.
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