SEBI refund order: Sahara firm movesapex court

The Supreme Court will hear on July 4 a Sahara group firm's plea challenging a SEBI (Securities and Exchange Board of India) order directing the company to return money collected from investors through a scheme along with 15% interest. A vacation bench of the apex court, comprising Justice P. Sathasivam and Justice A. K. Patnaik, decided to hear the matter on July 4, the first day after the vacation, after Sahara India Real Estate Corp on Monday apprised the bench of its plea filed with the apex court registry. The Sahara group firm sought directions to SEBI to remove the June 23 order from its website and restrain SEBI and its officials from publicising the order which it has challenged. The counsel appearing for the Sahara group firm said his client wanted SEBI to expunge the parts of the order directing it to return money with interest to the investors as it had created a panic among the investors. The case will now be heard by a three-judge bench headed by Chief Justice S. H. Kapadia. — PTI