Sahara India Real Estate Corporation Limited formerly also known as Sahara India “C” Junxion Corporation Limited vs Securities and Exchange Board of India on 20 December 2012

BEFORE THE SECURITIES APPELLATE TRIBUNAL MUMBAI

Appeal No. 214 of 2012

Date of Decision: 20.12.2012

Sahara India Real Estate Corporation Limited (formerly also known as Sahara India “C” Junxion Corporation Limited), 1, Kapoorthala Complex, Aliganj, Lucknow

……Appellant

Versus

Securities and Exchange Board of India SEBI Bhavan, Plot No. C-4A, G-Block, Bandra Kurla Complex, Bandra (E), Mumbai- 400 051

…… Respondent

Mr. Jatin Pore, Advocate with Mr. Parag Khandhar, Advocate for the Appellant. Mr. Prateek Seksaria, Advocate with Mr. Mihir Mody and Mr. Dinesh Mishra, Advocates for the Respondent.

CORAM : P.K. Malhotra, Member & Presiding Officer (Offg.)

S.S.N. Moorthy, Member

Per : P.K. Malhotra, (Oral)

This order will dispose of two appeals no. 214 and 215 of 2012 which arise out of common set of facts and against a common order. Prayer in both these appeals is seeking extension of time for submission of documents/information before the Securities and Exchange Board of India (the Board) as per the directions given by the Hon’ble Supreme Court in its judgment and order dated August 31, 2012 in Civil Appeal nos. 9813 and 9833 of 2012.

2. During the pendency of these appeals, the appellants had approached this Tribunal with another appeal [No. 221 of 2012] praying that the respondent Board may be directed to accept pay order amounting to ` 5120 crores for repaying the amount to the OFCD subscribers. The said appeal was dismissed by this Tribunal as premature and

2 not maintainable. The appellant had thereafter approached the Hon’ble Supreme Court and the Hon’ble Supreme Court by its order dated December 5, 2012, has already extended the time for filing the documents in support of the refund made to any person, as claimed by the appellant, by a period of 15 days. Since the Hon’ble Supreme Court has already given a specific direction in the matter, the appeals before this Tribunal have become infructuous. In any case, since the time limit for submitting the documents to the Board has been specified by the Hon’ble Supreme Court, any request for extension of such time should also be made before the Apex Court and not before this Tribunal.

Since we are dismissing the appeals as infructuous, we are not going into the issue of maintainability as argued by the respondent Board.

Both the appeals are dismissed with no order as to costs.

Sd/-

P.K.Malhotra

Member & Presiding Officer (Offg.)

Sd/- S.S.N. Moorthy Member 20.12.2012

Prepared & Compared By: Pk