India's Sahara Group on Monday requested the Securities Appellate Tribunal (SAT) to grant it more time to submit documents related to around three crore investors who had invested money in its two companies, viz. Sahara India Real Estate Corporation (SIRECL) and Sahara Housing Investment Corporation (SHICL).

SIRECL and SHICL moved to the SAT after being directed by the Supreme Court to refund Rs 24,000 crore plus interest of 15 per cent per annum to investors for breaching norms in raising funds.

Meanwhile, market regulator SEBI is preparing to seek help from public sector lenders and Know Your Customers Registration Agencies for conducting in-person verification of around three crore investors related to the case.

The two group companies have requested the SAT to direct SEBI to grant them time till 31st of January to submit required documents related to the case.

Sahara Group said in a statement, "After hearing the counsels for sides, the tribunal directed SEBI to file an affidavit in reply in the matter."

As per the statement, the market regulator is to file an affidavit within next two weeks. The SAT will consider submissions from both Sahara Group and SEBI and hold the next hearing on 20th of December.