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The Supreme Court on Thursday reserved its judgment on a plea by the Sahara Group against the Securities Appellate Tribunal (SAT) order asking two of its companies to refund Rs 17,400 crore to its investors.
After admitting the Sahara group's plea on January 9, the Court had said that until its further directions, its stay on the SAT order will continue. During the arguments, the Sahara Group had claimed that it has enough assets to protect its investors' interests.
In November 2011, the Court had stayed the SAT order and directed the Sahara Group firms to submit in an affidavit the details of their companies' net worth, assets and liabilities, financial statements including their balance sheets (2010-11) and their statement of accounts (for November 2011) as well as their plans to protect the 2.3-crore investors who have invested in Sahara Housing Investment Corporation and Sahara India Real Estate Corporation (now known as Sahara Commodity Services Corporation Ltd).
The SAT had in October 2011 asked the Sahara Group firms to refund within six weeks the money that was raised through optionally fully convertible debentures (OFCD).
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