The Sahara group today moved the Supreme Court for review of the order to refund Rs 24,000 crore to its investors, saying that the verdict casts "serious aspersions" upon the firm's business ethics without any basis.

Pleading with the apex court to have a relook into its August 31 verdict, the Sahara group also sought expunging of its remark in the verdict, which ordered the firm to refund the money, raised through Optionally Fully Convertible Debentures (OFCDs).

Setting the three months' deadline to refund the money, the apex court had said the firms -- Sahara India Real Estate Corporation (SIREC) and Sahara Housing Investment Corporation (SHIC) -- had made a "pre-planned attempt" to bypass the regulatory and administrative authority of the SEBI.

The group said in its petition that they seek review of the verdict in order to protect their image in public eye.

"It is submitted that the observations are unfounded and plainly without any basis. The above observations cast serious aspersions upon the business ethics of the company for which there is no basis.

"It is submitted that no arguments were raised by SEBI about the genuineness and bonafides of the company or the subscribers. The question was whether they were required to be listed and required the approval of SEBI. It is respectfully submitted that the above observations are therefore completely erroneous," the petition said.

The Sahara group's petition said the company had erred in believing that SEBI did not have any jurisdiction but it was entirely another thing to suggest that it was a pre-planned attempt.

"At the very outset the petitioners state that all investors are genuine and it proposes to comply with the judgment of this court within such time frame as may be directed. The present review petition is thus being filed because the petitioners wish to protect their image in the public eye, business national and international," it said.

The apex court in its verdict had asked the companies to refund the money to their investors within three months with 15 percent annual interest.

It had also asked Sahara to furnish all its documents to SEBI and also appointed one of its retired judges, Justice B N Aggarwal, to supervise the SEBI action against the two Sahara group firms.

Interestingly, the group filed the review petition a week after promising to the apex court that its two firms would refund the money within the stipulated time frame.

"We will refund the amount. There is no question of going back," senior advocate Gopal Subramaniam, appearing for the company, had told the apex court on September 28.