The Sahara group today moved the Securities Appellate Tribunal (SAT) against the Securities and Exchange Board of India (Sebi) over the market regulator not extending the deadline for submission of documents of over three crore investors who invested in schemes of two Sahara group companies.
Sahara wants the deadline extended till 31 January.
Sebi had earlier this month moved the Supreme Court seeking contempt action against two Sahara group companies—Sahara India Real Estate Corporation Ltd (SIRECL) and Sahara Housing Investment Corporation Ltd—over non-implementation of the court's order asking the group to furnish all documents relating to its two companies directed to refund Rs 24,000 crore to their investors.
The apex court had on August 31 directed the two Sahara group firms to refund the money within three months with 15 per cent interest per annum for violating norms in raising funds from the public.
Sebi had moved the court after Sahara failed to meet the deadline.
In its appeal filed with the SAT today, Sahara said Sebi was under the impression that a timeline, once given by the Supreme Court, cannot be extended.
“Sebi has powers to extend the deadline,” Sahara said.
The company said it was impossible to send details of over three crore investors in 10 days, as prescribed by the Supreme Court, since the “documents pan across 30 crore pages”.
“There is no legal provision barring Sebi from extending the deadline,” Sahara said.