Subrata Roy led Sahara Group has now moved the Securities Appellate Tribunal (SAT) to challenge the decision of the market watchdog to not to accept its documents relating to millions of OFCD (optionally fully convertible debentures) holders of two group companies.
Media reports said that SAT has asked Securities and Exchange Board of India (Sebi) to reply on the matter within 2 weeks.
Besides, Sahara's two group companies-- Sahara India Real Estate Corporation (SIRECL) and Sahara Housing Investment Corporation (SHICL)—also sought some more time to submit the documents related to about 3 crore investors.
The two entities of the group have been ordered to refund Rs 24,000 crore to their bondholders along with interest of 15 per cent per annum for violating norms in the public fund raising.
Meanwhile, Sahara companies have asked the SAT to extend the deadline for submitting documents to January 31 even as the deadline of August 31, as directed by Supreme Court, already expired.
Sebi, in a statement last month, said that Sahara has not been able to submit documents and suggested investors not to come under any pressure from company's agents to switch over their investments.
The market regulator has also sought help from the public sector banks and KYC Registration Agencies (KRAs) for carrying out 'in-person verification' of about three crore investors related to the case.