Thu, 29 Nov 2012 21:45:00 GMT | By PTI

Sahara’s appeal against Sebi dismissed

Sahara firms had accused the market regulator Sebi of wrongly charging them of non-compliance of a Supreme Court order


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Sahara’s appeal against Sebi dismissed (© PTI)

Mumbai: The Securities Appellate Tribunal on Thursday dismissed an appeal by two Sahara group firms against Sebi in the high-profile case involving refund of about Rs 24,000 crore with interest to about three crore investors.

Sahara firms in their appeal had sought the tribunal’s intervention in refund of investors’ money and had accused the market regulator Sebi of wrongly charging them of non-compliance with a Supreme Court order in this regard.

The tribunal, however, said that any further direction in the case can be sought for and granted by the Supreme Court alone and dismissed the appeal.

“We, therefore, find the appeal premature as well as non-maintainable. Dismissed,” the Securities Appellate Tribunal (SAT) said in its order passed on Thursday.

(Continued)
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