New Document top_band
 
Business Standard

Sebi moves SC in Sahara case

Related News

The Securities and Exchange Board of India () has filed an application before the seeking an in the . In August, the apex court had directed the Securities Appellate Tribunal () to decide the case in eight weeks.

The application is likely to come up for hearing on Monday. “Sebi’s application for extension of the deadline will come up on October 10. The timing of the final decision will depend on that,” a Sahara group lawyer told Business Standard.

If the court agrees to the extension, SAT would get four weeks more to deliver its judgement. Otherwise, it would have to deliver its order this week, lawyers said. While adjourning another matter last week, SAT said it was working on the case and not taking any fresh case till October 12.

In August, the apex court had directed the tribunal to hear the appeal of two Sahara group firms against a Sebi order. It gave the tribunal eight weeks to pass an order in the case. The two firms, and , raised at least Rs 24,029 crore from 29.6 million investors by issuing optionally fully convertible debentures.

Sebi, according to an order passed in June, found the money-raising activity was not in compliance with its public issue rules and ordered the firms to refund the money to investors.

According to the companies, since they are unlisted firms and do not intend to list, the market regulator does not have powers to issue such orders to them. According to them, the firms come under the jurisdiction of the corporate affairs ministry.

SAT conducted elaborate hearing on several facts of the case and points of law, including the jurisdiction of Sebi. On September 16, it reserved the order, asking all parties to make written submissions. Sebi and the companies gave their final statements to SAT two weeks ago.

Read more on:   
|
|
|
|
|
|

Read More

Bank of India shares fall intra-day on freak trade speculation

Shares of Bank of India today fell nearly 8% for a brief period on the National Stock Exchange during afternoon trade on speculation of freak trades, ...

Quick Links

 

Market News

FIIs may still buy around $135 billion of stocks in Nifty: UBS

Says markets may consolidate after the run up but significant downside may be limited

PSU divestment hopefuls outperform markets

Stocks like BEML have risen as much as 300% in the past one year

Palm oil up 0.4% on rising demand

Oil for delivery in July edged up by 0.26%

Silver up 0.5% in futures trade

Metal for delivery in far-month December traded higher by 0.29%

Mentha oil falls 0.58% on profit-booking

Oil for delivery in the August traded lower by 0.48%

Back to Top