The two Sahara Group companies, Sahara India Real Estate Corporation (now known as Sahara Commodity Services Corporation) and Sahara Housing Investment Corporation have moved the Supreme Court challenging the sectoral tribunal’s order asking the Group to refund around Rs.24,000 crore to investors who had invested in its optionally fully convertible debentures (OFCDs).
The Sahara Group has challenged the Securities Appellate Tribunal (SAT) judgment that upheld market regulator SEBI’s June 2010 order indicting the two Sahara Group firms for raising funds from the public through the OFCD scheme without conforming to prudent disclosure and other investor protection norms governing such public issues.
SAT had also given a nod to SEBI’s order asking both the companies and their promoters and directors to refund the entire proceeds of its OFCDs to investors with 15 per cent interest.
