This Article is From Jan 08, 2013

Sahara Group's plea to be listed in due course: Supreme Court

Sahara Group's plea to be listed in due course: Supreme Court
New Delhi:

Sahara group of companies, which have been directed by the Supreme Court to refund Rs 24,000 crore with 15 per cent interest to its investors, today filed another application seeking extension of time till February 20 to submit documents related to debentures to SEBI.

The application was mentioned before a bench headed by Chief Justice Altamas Kabir, which said it would be heard in due course.

Senior advocate Ram Jethmalani, appearing for Sahara, submitted that a bench be constituted to hear the matter only for half an hour.

At this, the bench said, that it will hear the matter just like it did the previous time. "Why another bench? We will hear the matter as we had also heard it earlier. It will come in due course," the bench said.

Yesterday too, Sahara had made a similar plea before a bench headed by Justice K S Radhakrishnan, which had said the plea would be heard by the same bench that had passed the judgement in this regard on August 31 last year.

The August 31, 2012 judgement was delivered by the bench comprising of Justices Radhakrishnan and J S Khehar.

On December 5, a bench, headed by Chief Justice Altamas Kabir, had directed the two Sahara group firms, Sahara India Real Estate Corporation Ltd (SIRECL) and Sahara Housing Investment Corporation Ltd (SHICL), to make immediate payment of Rs 5,120 crore and the balance in two instalments.

The first instalment of Rs 10,000 crore was to be made by the first week of January and the remaining by the first week of February.

The bench, headed by Chief Justice Altamas Kabir, also directed the group to supply the documents relating to investors within 15 days and warned that failure to fulfil its directive on payment of the money to SEBI will lead to attachment of assets.

Meanwhile, the review petition filed by the Sahara Group against the August 31 verdict was listed for chamber hearing today, but there was no confirmation about its order.

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