New Delhi: The Sahara Group on Friday moved the Supreme Court seeking review of its August 31 order to refund Rs 24,000 crore to investors. In a major setback to the Sahara Group, the Supreme Court had directed the business conglomerate to deposit over Rs 24,000 crore that it had collected through OFCD (optionally fully convertible debentures) with PSU banks.
The court granted the group's two companies - Sahara India Real Estate Corporation and Sahara Housing Investment Corporation - three months to deposit the amount. Sahara was also asked to give a list of all the investors to SEBI in the next 10 days.
The two-judge bench of Justice KS Radhakrishnan and Justice JS Khehar directed SEBI to take action against Sahara India Real Estate Corporation and Sahara Housing Investment Corporation, if they failed to refund the money.
SC directs Sahara to refund Rs 24,000 crore to investors...more
05:08 PM, Oct 05, 2012
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...
12:40 PM, Sep 01, 2012