{"id":15014,"date":"2011-11-28T15:12:25","date_gmt":"2011-11-28T09:42:25","guid":{"rendered":"https:\/\/www.legalindia.in\/news\/?p=15014"},"modified":"2011-11-28T15:12:40","modified_gmt":"2011-11-28T09:42:40","slug":"supreme-court-stays-sat-order-to-2-sahara-firms-to-refund-investors","status":"publish","type":"post","link":"https:\/\/www.legalindia.com\/news\/supreme-court-stays-sat-order-to-2-sahara-firms-to-refund-investors","title":{"rendered":"Supreme Court stays SAT order to 2 Sahara firms to refund investors"},"content":{"rendered":"<p><a href=\"https:\/\/www.legalindia.in\/news\/supreme-court-stays-sat-order-to-2-sahara-firms-to-refund-investors\/supreme-court-146\" rel=\"attachment wp-att-15015\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" data-attachment-id=\"15015\" data-permalink=\"https:\/\/www.legalindia.com\/news\/supreme-court-stays-sat-order-to-2-sahara-firms-to-refund-investors\/supreme-court-146\" data-orig-file=\"https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2011\/11\/Supreme-Court2.jpg?fit=176%2C209&amp;ssl=1\" data-orig-size=\"176,209\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;}\" data-image-title=\"Supreme-Court2\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2011\/11\/Supreme-Court2.jpg?fit=126%2C150&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2011\/11\/Supreme-Court2.jpg?fit=176%2C209&amp;ssl=1\" class=\"alignright size-medium wp-image-15015\" src=\"https:\/\/i0.wp.com\/www.legalindia.in\/news\/wp-content\/uploads\/2011\/11\/Supreme-Court2-126x150.jpg?resize=126%2C150&#038;ssl=1\" alt=\"\" width=\"126\" height=\"150\" srcset=\"https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2011\/11\/Supreme-Court2.jpg?resize=126%2C150&amp;ssl=1 126w, https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2011\/11\/Supreme-Court2.jpg?w=176&amp;ssl=1 176w\" sizes=\"auto, (max-width: 126px) 100vw, 126px\" \/><\/a>In a relief to Sahara group, the Supreme Court today stayed the Securities Appellate Tribunal (SAT) order directing its two companies to refund around Rs 17,400 crore to their investors and asked for the details of their assets and liabilities.<\/p>\n<p>A bench headed by Chief Justice S H Kapadia directed the two companies to file a detailed affidavit explaining as to how it will protect the interests of their 2.3 crore investors who have put in their money in Sahara India Real Estate Corporation (now known as Sahara Commodity Services Corporation Ltd) and Sahara Housing Investment Corporation.<\/p>\n<p>The bench directed 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.<\/p>\n<p>&#8220;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,&#8221; the bench said.<\/p>\n<p>It also said the affidavit will also show how the firms are to secure liabilities that they have undertaken and protect the investors.<\/p>\n<p>The apex court also issued notices to the central government and to Securities and Exchange Board of India (SEBI) seeking their responses on Sahara group&#8217;s plea challenging SAT&#8217;s October 18 order, directing it to refund the money, raised through optionally fully convertible debentures (OFCD) to investors within six weeks.<\/p>\n<p>It extended till January 8, the time limit set by SAT, which had passed the order on the Sahara group&#8217;s appeal against the SEBI&#8217;s June order asking the group&#8217;s firms to return the money, collected from investors through financial instrument OFCD, on grounds of violation of regulatory norms.<\/p>\n<p>The stock market regulator had also restrained the two entities from accessing the securities market for raising funds till payments were made to the satisfaction of SEBI.<\/p>\n<p>The two companies and its promoter Subrata Roy Sahara, and the directors &#8212; Vandana Bhargava, Ravi Shankar Dubey and Ashok Roy Choudhary &#8212; were told jointly and severally to refund the collected money.<\/p>\n<p>The company had then approached the Supreme Court which asked it to approach the Tribunal.<\/p>\n<p>While dismissing the appeal, the SAT had held that the market regulator has jurisdiction over such fund-raising schemes.<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In a relief to Sahara group, the Supreme Court today stayed the Securities Appellate Tribunal (SAT) order directing its two companies to refund around Rs 17,400 crore to their investors and asked for the details of their assets and liabilities. A bench headed by Chief Justice S H Kapadia directed the two companies to file [&hellip;]<\/p>\n","protected":false},"author":21,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[1954],"tags":[2221,6012,6011,47726],"class_list":["post-15014","post","type-post","status-publish","format-standard","hentry","category-high-profile-cases","tag-chief-justice-s-h-kapadia","tag-sahara-housing-investment-corporation","tag-sahara-india-real-estate-corporation","tag-supreme-court"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Supreme Court stays SAT order to 2 Sahara firms to refund investors - Legal News India - Supreme Court &amp; High Court Updates<\/title>\n<meta name=\"description\" content=\"In a relief to Sahara group, the Supreme Court today stayed the Securities Appellate Tribunal (SAT) order directing its two companies to refund around Rs - Get the latest legal news from the Supreme Court, High Courts, and government. 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A Bench of Justices K.S. Radhakrishnan and J.S. Khehar directed the Securities and Exchange Board of\u2026","rel":"","context":"In &quot;Top Law News&quot;","block_context":{"text":"Top Law News","link":"https:\/\/www.legalindia.com\/news\/category\/top-law-news"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":16088,"url":"https:\/\/www.legalindia.com\/news\/supreme-court-extends-interim-relief-for-sahara-group-firms","url_meta":{"origin":15014,"position":1},"title":"Supreme court extends interim relief for Sahara group firms","author":"Legal India Admin","date":"January 10, 2012","format":false,"excerpt":"The Supreme Court Monday admitted a plea by two Sahara group companies challenging the Securities Appellate Tribunal's order directing them to refund Rs.17,400 crore mopped up from 2.3 crore investors and ordered the continuation of its interim stay on the tribunal's direction. The apex court bench of Chief Justice S.H.\u2026","rel":"","context":"In &quot;Corporate Law News&quot;","block_context":{"text":"Corporate Law News","link":"https:\/\/www.legalindia.com\/news\/category\/corporate-law-news"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.legalindia.in\/news\/wp-content\/uploads\/2012\/01\/supreme.jpg?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":23781,"url":"https:\/\/www.legalindia.com\/news\/will-refund-rs-24k-cr-to-investors-in-3-mths-sahara","url_meta":{"origin":15014,"position":2},"title":"Will refund Rs 24k cr to investors in 3 mths: Sahara","author":"Legal India Admin","date":"September 28, 2012","format":false,"excerpt":"Sahara Group today assured the Supreme Court that its two companies, which had raised Rs 24,000 crore through Optionally Fully Convertible Debentures (OFCDs) from their investors, will refund the amount within three months. \u201cWe will refund the amount. There is no question of going back,\u201d Senior Advocate Gopal Subramaniam, appearing\u2026","rel":"","context":"In &quot;Top Law News&quot;","block_context":{"text":"Top Law News","link":"https:\/\/www.legalindia.com\/news\/category\/top-law-news"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":27568,"url":"https:\/\/www.legalindia.com\/news\/sc-agrees-to-give-early-hearing-to-sebi-plea-against-sahara","url_meta":{"origin":15014,"position":3},"title":"SC agrees to give early hearing to SEBI plea against Sahara","author":"Legal India Admin","date":"April 5, 2013","format":false,"excerpt":"Here in New Delhi to give an early hearing to SEBI's plea seeking its\u00a0permission to detain Sahara Group's chairman Subrata Roy Sahara the Supreme Court has got agreed\u00a0and also to initiate contempt proceedings against him for not complying with its orders to refund\u00a0Rs.\u00a024,000 crore to investors. 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The three-month deadline\u2026","rel":"","context":"In &quot;Corporate Law News&quot;","block_context":{"text":"Corporate Law News","link":"https:\/\/www.legalindia.com\/news\/category\/corporate-law-news"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":26967,"url":"https:\/\/www.legalindia.com\/news\/sc-declines-to-hear-plea-by-sahara-group-companies","url_meta":{"origin":15014,"position":5},"title":"SC declines to hear plea by Sahara Group companies","author":"Legal India Admin","date":"February 26, 2013","format":false,"excerpt":"The last hope of\u00a0Sahara group\u00a0to get more time to refund Rs 24,000 crore to its investors was dashed in the Supreme Court which dismissed its plea and pulled it up for not complying court's earlier order to return the money by first week of February. 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