December 20, 2012 12:38 PM

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Sahara-sebi case: Tribunal dismisses deadline extension plea

In the high-profile case involving repayment of money to bondholders of two Sahara group firms, the Securities and Appellate Tribunal today dismissed a plea for extension of deadline for submitting investor documents to the market regulator Sebi.The appeal, filed a month ago on November 19 by Sahara Housing Investment Corporation and Sahara India Real Estate Corporation, was dismissed as specific directions have already been passed by the Supreme Court since then in this matter. Hearing the plea this morning, the Securities Appellate Tribunal (SAT) observed that the appeal has become infructuous in light of the specific directions from the Apex Court. In a Supreme Court order dated August 31, the two companies were asked to submit the documents till November 10. However, in another order passed on December 5, it asked the companies to submit the documents to Sebi within 15 days, which period incidentally ends today.

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