Companies & Sectors
Sahara moves SAT against market regulator SEBI

Sahara India Real Estate Corp and Sahara Housing Investment Corp are seeking more time from SAT to submit documents to SEBI related to about three crore investors

New Delhi: Sahara Group on Monday moved the Securities Appellate Tribunal (SAT) against market regulator Securities and Exchange Board of India (SEBI), seeking more time to submit documents related to about three crore investors in the case involving two group companies, reports PTI.

 

Sahara India Real Estate Corporation Ltd (SIRECL) and Sahara Housing Investment Corporation Ltd (SHICL) have approached the tribunal.

 

The two entities have been directed by the Supreme Court to refund to their bondholders Rs24,000 crore along with interest of 15% per annum for violating norms in raising funds from public.

 

The companies have moved the tribunal asking it to direct SEBI to allow them time till 31st January to submit necessary documents related to the case. The ten-day deadline set by the Supreme Court, in its order dated 31st August, for the two entities to submit details of the concerned investors, has already expired.

 

In a public notice last month, SEBI had said that the two companies have not submitted the relevant documents to it and had also advised investors against yielding to any pressure from "Saharas or their agents" for switching over their investments in SIRECL and SHICL to other group companies.

 

Meanwhile, SEBI has decided to seek help from public sector banks and KYC Registration Agencies (KRAs) for carrying out 'in-person verification' of about three crore investors related to the case.

 

SEBI is already in the process of hiring outside investigating agencies to assist it in the matter involving two Sahara group companies.

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COMMENTS

Vaibhav Dhoka

4 years ago

How can SAHARA appeal against SEBI when original order is passed by Supreme court? Or it is a way devised fool public.

Katju demands action against Mumbai police

The Press Council chief has warned legal consequences to Maharashtra chief minister if he fails to act


New Delhi: Markandey Katju, chief of the Press Council of India (PCI) on Monday demanded 'immediate' action against police personnel for reportedly arresting a woman in Mumbai protesting the shutdown in the city on social networking site Facebook following the demise of Shiv Sena chief Balasaheb Thackeray , reports PTI.

 

In an e-mail to the Maharashtra Chief Minister Prithviraj Chavan, he warned of "legal consequences" if the CM failed to act.

 

"I will deem it that you as CM are unable to run the state in a democratic manner as envisaged by the Constitution to which you have taken oath and then legal consequences will follow," Katju said.

 

He demanded that the Chavan immediately order suspension, arrest, chargesheeting and criminal prosecution of the police personnel responsible for arresting the women allegedly on the ground of hurting sentiments.

 

"To my mind it is absurd to say that protesting against the bandh hurts religious sentiments. Under Article 19 of our Constitution, freedom of speech is guaranteed fundamental right. We are living in a democracy, not a fascist dictatorship.

 

"In fact, this arrest itself appears to be a criminal act since under sections 341 and 342, it is a crime to wrongfully arrest or wrongfully confine someone who has committed no crime," he said.

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JP Morgan invests Rs530 crore in IL&FS road arm in Andhra Pradesh

JP Morgan invested Rs530 crore in Andhra Pradesh Express, a SPV of IL&FS Transportation Networks by subscribing to a bond issue

Mumbai: Capital market investor JP Morgan has invested Rs530 crore in Andhra Pradesh Expressway, a special purpose vehicle (SPV) floated by IL&FS Transportation Networks, by subscribing to a bond issue, reports PTI.

 

The issue is important as this is the first such bond sale in two years and first instance of a private capital market investor investing in the bonds of an infrastructure SPV, said JP Morgan, which was the sole book-runner and structuring advisor to the issue.

 

JP Morgan also said the bonds were partly distributed to domestic mutual funds.

 

Andhra Pradesh Expressway owns a concession for 74.6 km stretch on the NH 7, from the Kotakatta Bypass to Kurnool in Andhra Pradesh.

 

The non-convertible debenture (NCD) sale, which took place on 8th November, consisted of listed, rated and secured bonds, according to JP Morgan.

 

IL&FS could not be reached for comments.

 

The project was awarded to Andhra Pradesh Expressway in 2006 and was commissioned in 2009.

 

Under the concession agreement, the company is entitled to receive an annuity amount on a semi-annual basis from the National Highway Authority of India (NHAI) during concession period.

 

The bonds, which carry AAA ratings by Icra and India Ratings, are structured in the form of seven tranche series having staggered maturity with the final tranche maturing at the end of 13 years.

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