SEBI-Sahara case: SC to hear on Monday pleas of employees for payment of pending salaries
New Delhi (PTI): The Supreme Court is scheduled to hear on Monday the interim pleas of employees seeking payment of their pending salaries from the Sahara Group companies.
According to the apex court cause list, a bench headed by Chief Justice B R Gavai is likely to hear the matter.
On October 14, the top court had sought responses from the Centre, the Securities and Exchange Board of India (SEBI) and other stakeholders on a plea of Sahara India Commercial Corporation Ltd. (SICCL) seeking permission to sell its 88 prime properties to Adani Properties Private Limited.
The plea of SICCL is already listed for hearing on November 17.
On Friday, the CJI was urged by the lawyers that the interim pleas of employees be also listed on Monday as they have not received salaries for many months.
Earlier, the bench, also comprising Justices Surya Kant and M M Sundresh, heard the interlocutory application (IA) of SICCL in the long-pending matter relating to the Sahara Group's refund obligations.
Taking note of the submissions of Solicitor General Tushar Mehta, the bench ordered that Union ministries of Finance and Cooperation be made parties to the present proceedings, and sought their responses to the plea by November 17.
It asked amicus curiae -- senior advocate Shekhar Naphade -- to collate details of the 88 properties proposed to be sold by SICCL to the Adani Group company.
The bench asked the amicus curiae to also take note of the responses of other stakeholders with regard to these properties and give details about their nature, including whether the properties are clean or disputed.
The bench asked the Centre, the amicus curiae and SEBI to respond to the prayers made in the application by the Sahara firm.
"We will decide on whether the properties are to be sold piecemeal or in one flock," the CJI said.
The court directed the Sahara Group to examine the claim of the workers who have not been paid their salaries for many years. It also asked the amicus curiae to examine the matter of employees' salaries and arrears, and said it will consider it on the next date of hearing.
It fixed all pleas, including the intervention application and the plea of the Sahara firm, for consideration on November 17.
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Rupee falls 9 paise to all-time low of 90.58 against US dollar in early trade
Mumbai (PTI): Rupee depreciated 9 paise to an all-time low of 90.58 against US dollar in early trade on Monday, weighed down by uncertainty over an India-US trade deal and persistent foreign fund outflows.
Forex traders said rupee is trading with a negative bias as investors are in wait and watch mode and awaiting cues from the India-US trade deal front.
At the interbank foreign exchange market, the rupee opened at 90.53 against the US dollar, then fell further to an all-time intraday low of 90.58 against the greenback, registering a fall of 9 paise over its previous close.
On Friday, the rupee had slipped 17 paise to close at an all-time low of 90.49 against the American currency.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.05 per cent lower at 98.35.
Brent crude, the global oil benchmark, was trading higher by 0.52 per cent at USD 61.44 per barrel in futures trade.
On the domestic equity market front, the 30-share benchmark index Sensex was trading 298.86 points lower at 84,968.80, while the Nifty was down 121.40 points at 25,925.55.
Foreign Institutional Investors sold equities worth Rs 1,114.22 crore on Friday, according to exchange data.
"FPIs continue to be in selling mode in equity and debt while RBI has been selling dollars to fund their long positions," said Anil Kumar Bhansali, Head of Treasury and Executive Director Finrex Treasury Advisors LLP.
