The Supreme Court on Monday issued notice to the securities and exchange regulator on a plea of two Sahara group companies which challenged a Securities Appellate Tribunal's (SAT) award directing them to refund Rs.17,400 crore they had collected from investors through Optional Fully Convertible Debentures.
An apex court bench headed by Chief Justice S.H. Kapadia extended till January 9 the date for the two companies, Sahara India Real Estate Corporation and Sahara Housing Investment Corporation to refund the money.
The SAT, by its order, had directed the companies to refund the money within six weeks, which deadline expired on Monday. On the two companies' appeal, the court issued notice to the Securities and Exchange Board of India (SEBI), the regulator.
The apex court also asked the two companies to inform it about their financial status and how had they secured the investors' money.