The Telegraph
Friday , October 19 , 2012
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SEBI can take action against Sahara for non-compliance: SC

New Delhi, Oct 19 (PTI): The Supreme Court on Friday made it clear that the market regulator the Securities & Exchange Board of India (SEBI) can take action against Sahara Group for non-compliance of its directions relating to the refund of Rs 24,000 crore raised from investors through optionally fully convertible debentures (OFCDs).

A bench of justices K S Radhakrishnan and J S Khehar said that SEBI has the duty to take action according to law for non-compliance of its order.

SEBI has moved an application alleging that Sahara Group was not complying with the apex court's August 31 directions in which it was also said that the company would provide all information and documents relating to the investors within 10 days.

The bench declined oral plea and submissions of Sahara seeking extension of time for providing the documents saying for that there was a need for an application containing written submissions.

On August 31, the apex court had directed two Sahara group companies--Sahara India Real Estate Corporation (SIREC) and Sahara Housing Investment Corporation (SHIC)--to refund the amount that they had raised.

The court had said that SEBI can attach properties and freeze bank accounts of the companies, if they fail to refund the amount.

It had further directed Sahara to furnish all documents in their custody to the regulator within 10 days. The court had also appointed one of its retired judges Justice B N Aggarwal to oversee the action taken by SEBI.