Alleging that the Sahara group is causing ?inordinate delays? in furnishing document of the details of those investors who have invested in its optionally fully convertible debentures (OFCDs), Sebi has moved the Supreme Court saying that the group has failed to comply with its directions.
The SC on August 31 had asked two Sahara group companies to refund around R24,000 crore collected from investors under the scheme. To expedite the whole process of refund, the SC had asked the Sahara entities ? Sahara India Real Estate Corporation (now known as Sahara Commodity Services Corporation) and Sahara Housing Investment Corporation, to furnish all documents, particularly the application forms submitted by the subscribers, the approval and allotment of bonds, and all other documents to Sebi within 10 days.
In its affidavit, the market regulator said Sahara?s presumptions that it had asked for a timeframe to put infrastructure in place appears ?preposterous and without any basis. Sebi is ready and capable of handling any voluminous work involved or required in this regard and had already initiated the necessary steps, it said.
