Business Standard

Sebi moves SC in Sahara case

Related News

The Securities and Exchange Board of India (Sebi) has filed an application before the seeking an in the Sahara case. In August, the apex court had directed the Securities Appellate Tribunal (SAT) 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, 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 order. It gave the tribunal eight weeks to pass an order in the case. The two firms, and Sahara Housing Invest Corp, 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

Markets snap four-week loss amid reforms

Markets snapped four-week losing streak led by auto shares on expectations of robust festive sales

Raising the output key to Cairn India's prospects

With crude oil prices benign, increasing oil and gas production is crucial to drive growth

Biocon sees muted quarter, lacks immediate triggers

Reduced exports to West Asia & North Africa, capacity constraints affect sales

Exchanges plan stake sales in depository arms

NSE in talks with investors for offloading stake, BSE considering an IPO; to do so before April

Many listed firms had same auditors for over 10 yrs: IIAS

Proxy advisory body Institutional Investor Advisory Services India (IIAS) has called for periodic rotation of auditors and capping their tenure ...

Back to Top