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

A vacation bench of the Apex court, comprising Mr Justice P. Sathasivam and Mr Justice A.K. Patnaik, decided to hear the matter on July 4, the first day after the vacation, after Sahara India Real Estate Corp on Monday apprised the bench of its plea filed with the Apex court registry.

The Sahara group firm sought directions to SEBI to remove the June 23 order from its Web site and restrain the market regulator and its officials from publicising the order which it has challenged.

Counsel appearing for Sahara group firm said his client wants SEBI to expunge the parts of the order directing it to return money with interest to the investors as it has created a panic among the investors.

“The 99-page order (by SEBI) has created panic among the investors. They (SEBI) are holding press conferences and giving out press releases about the order,” he said.

The case will now be heard by a three-judge bench headed by Chief Justice S.H. Kapadia.

The Supreme Court, on May 12, had directed SEBI to pass an appropriate order on Sahara group's plea challenging an Allahabad High Court order restraining it from further issuing the Optionally Fully Convertible Debentures (OFCDs) and on a SEBI plea for direction to the group to apprise the market regulator about its investors and their fund invested.

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