SAT rejects Sahara appeal

The Securities and Appellate Tribunal (SAT) on Thursday dismissed a plea of the two Sahara companies for extension of deadline for submitting investor documents to the market regulator, Securities and Exchange Board of India (SEBI). The appeal, filed a month ago by Sahara Housing Investment Corporation Limited (SHICL) and Sahara India Real Estate Corporation Limited (SIRECL), was dismissed as specific directions have already been passed by the Supreme Court on this matter. “The appeal is not maintainable, as directions in the same matter have been given by the Supreme Court,” SAT said. Investor documents The appeals by the two companies, seeking extension of time till January 31 for submission of investor documents to SEBI, were listed on Thursday for admission before the SAT. On August 31, the Supreme Court had ordered the two companies to submit the documents by November 10. However, in another order passed on December 5, the Supreme Court asked the companies to submit the documents to SEBI within 15 days.