The Supreme Court today admitted Sahara India Real Estate Corporation Limited (SIRECL’s) plea challenging the Securities Appellate Tribunal order directing it to refund around Rs.17,400 crore to investors who had invested in its OFCDs.
Supreme Court stayed a tribunal order directing two Sahara group companies to refund 174 billion rupees to investors, but sought details of their assets and liabilities on Monday, Nov 28.
The Sahara group’s appeal against the order of the Securities Appellate Tribunal (SAT) will come up for hearing in the Supreme Court on Monday, Nov 28.
Sahara’s defiance against the market regulator SEBI seems to have opened the can of worms for the company.
The two Sahara Group companies have moved the Supreme Court challenging the sectoral tribunal’s order asking the Group to refund around Rs.24,000 crore to investors.
The SAT on Tuesday, September 18, upheld an order passed by SEBI against two Sahara group companies and directed them to return money raised from the public in violation of securities regulations with an interest of 15%.
The Securities and Exchange Board of India (SEBI) has questioned the Bombay Stock Exchange (BSE) the basis on which it gave a certificate to the Sahara group on the ‘listability’ of optionally fully-convertible debentures (OFCDs).
The Securities and Exchange Board of India (SEBI) has filed an application before the Supreme Court seeking an extension of deadline in the Sahara case.
The Sahara group on Thursday, September 15, said the Law Ministry had last year taken a view that the Securities and Exchange Board of India (SEBI) did not have jurisdiction over unlisted firms.
Sahara India Real Estate Corporation had garnered investments from over 2 crore investors through three separate securities, according to an affidavit the company filed on Wednesday, September 14.