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The Securities Appellate Tribunal (SAT) admitted Sahara India's Optionally Fully Convertible Debentures (OFCD) issuance case on Tuesday.
The date of hearing in this case has been fixed on September 5 through September 7. The Ministry of Company Affairs (MCA) is now a party to the case. SAT has directed both SEBI and MCA to provide requisite documents related to the case by August 26. The Supreme Court directed the case to SAT on July 15. Earlier, SEBI had directed two Sahara group companies, their promoters and directors to refund the money raised through Optionally Fully Convertible Debentures (OFCDs) in 2008 and 2009.
The money collected by the Sahara Group companies Sahara India Real Estate Corporation Ltd (SIRECL) and Sahara Housing Investment Corporation Ltd (SHICL) reportedly amounts to Rs 4,843 crore. SEBI has asked the companies to refund the money by way of demand draft or pay order with 15 per cent interest.
On June 23, 2011, SEBI had banned the Sahara promoter and the directors of the companies from associating themselves with any listed public company and any public company which intends to raise money from the public, till they paid the OFCD subscribers to SEBI's satisfaction. The SEBI order had restrained both companies from accessing the securities market for raising funds till the time the aforesaid payments were made.
The Supreme Court (in its May 12, 2011 order) had directed SEBI to expeditiously hear and decide this case so that the apex court could pass suitable orders on re-opening.
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