Sahara Group's two real estate companies on Tuesday
sought more time to furnish the details of refunding the investors' money it had mopped up through optionally fully-convertible debentures (OFCD).
The
Supreme Court had on Monday lashed out at the Sahara group's real estate companies, saying their intentions are "shaky" in the matter of returning the investors' money mopped up through debentures and had given the firms seven days to pay up.
"You have no intention of returning (the investors' money). Your intentions are shady," the apex court bench of the chief justices S.S. Nijjar and Justice J. Chelameswar had said.
As senior counsel Gopal Subramaniam appearing for the Sahara Group's companies sought more time till lunch break on Tuesday to furnish the details, the apex court's bench headed by Chief Justice Altamas Kabir adjourned the hearing for Wednesday.
Gopal Subramaniam told the court that the group needed more time to go through the requisite documents to furnish the details of the refund of the investors' money it has to make in pursuance of the apex court's direction.
The Sahara India Real Estate Corporation and Sahara Housing Investment Corporation
are challenging an order issued by the Securities Appellate Tribunal (SAT), which
rejected their plea to direct its registrar to accept a pay order of Rs 5,120 crore.
The pay order was meant to be deposited with the Securities and Exchange Board of India (Sebi) by November 30 for the refund to investors.
With inputs from IANS 
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