Tribunal dismisses Sahara group appeal against Sebi

Seeking a direction for acceptance of this amount by either Sebi or the Registrar, SAT, he said, "The last date for depositing this amount is November 30, 2012 and if the amount is not accepted, it may amount to violation of the order passed by the Supreme Court."

SAT observed that Sebi has already filed a contempt petition before the Supreme Court as the required documents were not furnished by the Sahara firms to it within the stipulated period.

"We are told a contempt petition filed by the respondent Board and a review petition filed by the appellants against the order dated August 31, 2012 are already pending before Supreme Court. The interlocutory application has already been disposed of observing that the directions given by the Apex Court are self explanatory," the SAT order said.

"Under these circumstances, we fail to understand how this Tribunal gets the jurisdiction to entertain this appeal when the parties are supposed to take action in accordance with the directions given by the Supreme Court," it added.

The tribunal also observed that the two companies have not yet tendered the money to Sebi as per Supreme Court directions and the "cause of action, if any, will arise if the money is tendered by the appellants as per directions of the Supreme Court and the same is not accepted by the Board."

It further said that the Supreme Court is seized of the matter and Sebi "has been directed to submit status report, duly approved by Justice B N Agrawal who has been requested to oversee the implementation of the directions".

"We see no reason how this Tribunal gets jurisdiction to entertain the appeal or give any further directions in the matter. We are, therefore, of the view that any further direction or modification in the directions issued by the Supreme Court can be sought for and granted by the Supreme Court alone," SAT said, and dismissed the appeal.

... contd.

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