SAT dismisses plea for payment deadline extension of Sahara companies
20 December 2012
The Securities and Appellate Tribunal today dismissed a plea for extension of deadline in the high-profile case involving repayment of money for submitting investor documents to the market regulator Sebi.
The appeal was filed a month ago on 19 November by Sahara Housing Investment Corporation Ltd (SHICL) and Sahara India Real Estate Corporation Ltd (SIRECL), was dismissed due to specific directions given by the Supreme Court.
Hearing the plea this morning, the Securities Appellate Tribunal (SAT) observed that the appeal had become infructuous given the specific directions from the Supreme Court.
The appeal was not maintainable, as directions in the same matter had been given by the Supreme Court, SAT said.
The appeals by the two companies, that sought extension of time till 31 January for submission of investor documents to Sebi, were listed today for "admission" before the SAT.
The Supreme Court had vide an order dated 31 August had asked the two companies to submit the documents till 10 November.
However, in another order passed on 5 December, the two companies had been asked by the Supreme Court to submit the documents to Sebi within 15 days, which period incidentally was to end today.