Millennium Post

SC agrees to hear Sahara’s appeals filed against Sebi

The Supreme Court has agreed to hear the appeals filed by Sahara against Sebi regarding verification of investors, Sahara Counsel Keshav Mohan said on Wednesday. 

During the day’s hearing, the Supreme Court clarified that Sahara can go ahead with junior loan against the second charge on foreign properties and permitted the taking over of the loan of Bank of
China by another creditor, in order to raise money for obtaining the bank guarantee.

Cheques amounting to Rs 1,900 crore relating to sale of domestic properties were handed over to Sebi in the Court. The apex court, on its part, emphasised that the restraint order on parting away the assets of the company should not be taken as if the court has any intention to cripple the business of the company. Rather, the court observed that the company would have full freedom to run all legitimate businesses and the directions of the Court are not to prohibit the regular businesses of the company.

With regard to verification of investors and refund claimed by Sahara, the Supreme Court has agreed to hear the appeals of Sahara, filed against Sebi’s orders rejecting all the redemption documents, on the next date of hearing.
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