Sahara-Sebi case: SAT dismisses plea for deadline extension
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A plea seeking extension of deadline for submission of investor documents by two Sahara group firms to market regulator Sebi was dismissed today by the Securities Appellate Tribunal (SAT), as the Supreme Court has already given specific directions in the case.
"Since the Supreme Court has already given a specific direction in the matter, the appeals before this Tribunal have become infructuous," SAT said in its order and dismissed the appeal.
"In any case, since the time limit for submitting the documents to the Board (Sebi) has been specified by the Supreme Court, any request for extension of such time should also be made before the apex court and not before this Tribunal," said the SAT order. The appeal was filed on November 19 by Sahara Housing Investment Corporation Ltd and Sahara India Real Estate Corporation.