The Sahara Group has challenged the Supreme Court against the order issued by the Securities and Exchange Board of India (SEBI), which mandates the group to return funds gathered from investors through a scheme, in addition to paying a 15% interest rate. The case is scheduled for hearing on July 4, 2011, immediately following the court vacations. Sahara India has criticized the market regulator's decision to make its order public, despite the matter still being undecided before the Supreme Court.
On June 23, 2011, SEBI directed two Sahara group companies, Sahara India Real Estate Corporation and Sahara Housing Investment Corporation, to refund the money collected from investors.
The Sahara group's legal team is seeking orders from the Supreme Court to direct SEBI to remove its order from the regulator's website. They also aim to prevent SEBI and its officials from publicizing the order that Sahara has challenged. The group's counsel argued that Sahara wants SEBI to rescind the parts of the order that mandate the return of money with interest to the investors, claiming that this directive has caused panic among investors.