The clash between the Sahara group and securities and exchange board of India (SEBI) would likely draw to a close. The lucknow bench of the Allahabad High Court had after hearing from both the sides over the past three days have now adjourned the matter till may 17. According to the advocate of the Sahara group, Mr. Prakash Chandra the concluding arguments from both the sides will be made on may 17. According to other lawyers the arguments from both the sides were complete in nature. As a matter of fact on November 14, SEBI had announced Sahara group a violator of its norms and therefore banned it from raising money from public.
Sahara India real tatese and Sahara housing investment had allegedly raised around Rs 4843 crore by investors. SEBI has prescribed guidelines on public issues for accessing public money, grading by credit rating agencies and other guidelines exists which according to SEBI has been violated by the sahara group in the debentures issue. As a reply the sahara group challenged the order made by SEBI arguing that it wasn’t a listed entity and SEBI didn’t had the jurisdiction as an authority to regulate it. Further SEBI in return argued that issuing of equity or any debt instrument to more than 49 investors clearly comes within the jurisdiction of SEBI. In the month of January the apex court of land directed the lower courts to hear the matter on a day-to-day basis.
Sahara India real tatese and Sahara housing investment had allegedly raised around Rs 4843 crore by investors. SEBI has prescribed guidelines on public issues for accessing public money, grading by credit rating agencies and other guidelines exists which according to SEBI has been violated by the sahara group in the debentures issue. As a reply the sahara group challenged the order made by SEBI arguing that it wasn’t a listed entity and SEBI didn’t had the jurisdiction as an authority to regulate it. Further SEBI in return argued that issuing of equity or any debt instrument to more than 49 investors clearly comes within the jurisdiction of SEBI. In the month of January the apex court of land directed the lower courts to hear the matter on a day-to-day basis.
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