The Supreme Court on Friday, July 15, directed Sahara Group firm Sahara India Real Estate Corp to approach the Securities Appellate Tribunal against market regulator SEBI’s order directing the return of money collected from investors.
The Supreme Court today, July8, rejected the Sahara Group’s plea to issue a notice to the government in connection to its dispute with market regulator SEBI.
The Supreme Court will today hear the Sahara group firm’s plea against the SEBI order to return the money, along with 15 per cent interest, collected from investors through its Optionally Fully Convertible Debentures scheme.
Sahara Group has moved the Supreme Court against capital market regulator SEBI’s order asking it to return money collected from investors through a scheme along with 15 per cent interest.
Sahara India Group has criticized market regulator SEBI’s move to make its order public when the matter is pending before the Supreme Court.
India’s capital market regulator SEBI on Thursday directed two Sahara group firms to immediately refund the money collected through sales of optionally fully convertible debentures with annual interest of 15%.
The Lucknow bench of the Allahabad high court will hear the Sahara Group versus Securities and Exchange Board of India (SEBI) case only after the capital markets regulator completes its probe.
SEBI can examine financial instruments used by two companies of the Sahara Group to raise money from the public after India’s top court dismissed its petitions on Thursday.
Sahara group companies, which raised Rs.4,843 crore by issuing optionally fully convertible debentures (OFCDs), is not using its own bank account to handle this money.
Paramount Group is coming up with IT Park in the NCR. The project spread over 25 acres has been allotted by Greater Noida Authority at Knowledge Park 6.