SAT Rejects Sahara Appeals,Orders Refund Of Money To Investors

Mumbai, Oct 18: Rejecting the appeals of Sahara Group companies, the Securities Appellate Tribunal (SAT) today asked them to refund the money raised through Optionally Fully Convertible Debentures (OFCD) to investors within six weeks.

“...both the appeals are dismissed...The appellants in both the appeals shall now repay within six weeks from today the amount collected from investors on the terms as set out by the whole time members (of Sebi) in the impugned order,” SAT said in its order.

While dismissing the appeal filed by Sahara Group companies against the Sebi order, it held that the market regulator has jurisdiction over such fund raising schemes.


From: http://ping.fm/7jD2d