SEBI orders to return money collected from investors, Sahara moves SC
Market regulator SEBI on June 23 had directed two Sahara group companies — Sahara India Real Estate Corp (SIRECL) and Sahara Housing Investment Corp (SHICL) — to refund the money raised from investors through optionally fully convertible debentures (OFCDs) with an annual interest of 15 per cent from the date of receipt of money.
Sahara Group has moved the Supreme Court against Sebi’s order asking it to return money collected from investors through a scheme along with 15 per cent interest. A vacation bench headed by Justice P Sathasivam directed the matter to be listed for hearing on July 4, the first day after the vacation.
The Sahara’s counsel argued that the company wants Sebi to expunge the parts of the order directing it to return money with interest to the investors as it has created a panic among the investors. “The 99-page order (by Sebi) has created panic among the investors. They (Sebi) are holding press conferences and giving out releases about the order,” he said.
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