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%.
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.
The Securities Appellate Tribunal (SAT) on Thursday, September 8, said if a company decides to raise money from 50 or more people, it must list the securities on a stock exchange to protect investors’ interests.