On Friday, the Supreme Court ruled that SEBI has jurisdiction over the OFCDs issued by 2 unlisted Sahara Group companies, raising almost Rs 24,000 crore. The apex court ordered the Sahara companies to refund the outstanding Rs. 24,000 crore. The refund process is to be handled by SEBI and will be monitored by retired Justice Agarwal.
Sahara has maintained that the sale of OFCDs was done via a private placement and since the companies never intended to list them, SEBI's jurisdiction did not apply. Here below is Sahara's response to the Supreme Court order.
'Emotionally Speaking' is their title to the release.
Emotionally Speaking...
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12:40 PM, Sep 01, 2012
