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November 21, 2014
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Supreme Court declines Sahara's review plea

IANS [ Updated 09 Jan 2013, 22:31:55 ]
Supreme Court declines Sahara's review plea
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New Delhi, Jan 9: The Supreme Court Wednesday declined a plea by two Sahara Group companies seeking the review of the court’s Aug 31 order directing them to return to the investors Rs.17,400 crore, which the group had mopped up through Optionally Fully Convertible Debentures (OFCD) in 2008 and 2009, with 15 percent interest.



The apex court bench of Justice K.S. Radhakrishnan and Justice J.S. Khehar declined the review petition by two Sahara Companies—Sahara India Real Estate Corporation and Sahara Housing Investment Corporation—upon considering the same in their chamber Tuesday.

“We have carefully gone through the grounds raised in the review petitions filed by the appellants. We find none of the grounds has been made out for review of our judgment. We also do not find any inconsistency in the views expressed by both of us,” the court said.

It added: “On the other hand, all the contentions, legally and factually, raised by the appellants were examined, addressed and answered on all possible angles and dimensions.”

“Even otherwise, all the records placed before us were meticulously examined and dealt with. Review petitions are, therefore, not entertained and, accordingly, stand dismissed. As a sequel to this, applications seeking permission for open court listing, intervention and directions/stay also stand dismissed,” the court said.

While reiterating the Sahara Group’s commitment to refund the investors’ money as directed by the court, the petition had said that it was seeking the review of the apex court verdict to uphold its image both in public eyes and business world both nationally and internationally.

The Sahara companies had sought the review of the apex court verdict on several counts including that the entire case was decided on facts and the question of law about the powers of Securities Appellate Tribunal (SAT) that had upheld the marker regulator’s order to refund the investors money remained unaddressed.



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