SC to hear Sahara plea on 4 July

The Supreme Court will hear Sahara group firm's plea on 4 July challenging a SEBI order directing the company to return money collected from investors through a scheme along with 15 per cent interest.

A Supreme Court vacation bench, comprising justices P Sathasivam and A K Patnaik, posted the matter for 4 July, after Sahara India Real Estate Corp today apprised the bench of its plea filed with the apex court registry.

The Sahara group firm is seeking directions to SEBI for withdrawal of the 23 June order from its website and restraining the market regulator and its officials from publicising the order, which it has challenged.

The counsel appearing for Sahara group firm said his client wanted parts of the SEBI order directing the company  to return money with interest to the investors to be expunged as it has triggered panic among the investors.

He said the 99-page order by SEBI had created panic among the investors. 

He added SEBI was holding press conferences and giving out press releases about the order.