Sahara moves SC against SAT order

The Sahara Group, on Friday, moved the Supreme Court against the order of the Securities Appellate Tribunal (SAT) dismissing its appeal against market regulator SEBI in a case involving refund of about Rs.24,0000000000 with interest to about three0000000 investors. A bench headed by Chief Justice Altamas Kabir listed the matter for hearing on Monday. The counsel for Sahara told the bench that the company was ready with a draft of Rs.5,1000000000 for deposit in the apex court’s registry. In their appeal before the SAT, two Sahara Group firms had sought the Tribunal’s intervention in refund of investors’ money and had accused the Securities and Exchange Board of India of wrongly charging them of non-compliance with a Supreme Court order in that regard.