July 15, 2011 2:27 PM

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SC directs Sahara India to approach SAT against SEBI order

The Supreme Court today directed Sahara Group firm Sahara India Real Estate Corp to approach the Securities Appellate Tribunal against market regulator SEBI's order.In its order, SEBI had directed Sahara Group to return money collected from investors for an optionally fully convertible debentures scheme within a period of three weeks.A three-member bench headed by Chief Justice S H Kapadia also directed the Securities Appellate Tribunal to decide Sahara India Real Estate Corp's appeal against SEBI within a period of eight weeks.

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