Apex court gives Sebi free hand in Sahara case
fe Bureau: New Delhi/Mumbai, Oct 20 2012, 01:21 IST
and freeze the bank accounts of the companies if they fail to refund the amount.
Meanwhile, the bench declined an oral plea of Sahara that the refund process would be completed by November 30, saying that it needs to submit a formal application with written submissions.
Sahara, which has interests ranging from media and sports to financial services and housing, had raised the money between 2008 and 2011 through OFCDs (optionally fully convertible debenture), an instrument that allows investors to convert it into shares as an option.
In September, Sebi filed an application in the apex court alleging that the Sahara Group has not furnished all documents in their custody to the regulator by September 10 – a deadline set by the SC.
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