Securities Appellate Tribunal (SAT) will take up petitions by two Sahara group companies, Sahara India Real Estate and Sahara Housing Investment Corp, challenging a SEBI order against them, on Tuesday, August 16.
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.
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%.
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.
Seeking more clarity on the Optionally Fully Convertible Debentures (OFCDs) scheme, the Supreme Court on Monday directed Sahara India Real Estate Corporation Limited (SIRECL) to submit an affidavit containing the format of OFCD scheme and the list of agents working on its behalf.
The Supreme Court will today, May 9, hear Sahara Group’s petition against the orders of the Allahabad High Court, which directed the company to share with market regulator SEBI details of investors participating in its fund raising exercise.
The Sahara-Securities and Exchange Board of India (SEBI) legal battle seems to be heading to a verdict now.