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Introduction 2. The SEBI v. Sahara India Case, ongoing case since 2009, is one of the most riveting corporate cases in recent times. The case relates to optional fully convertible debentures that the two unlisted companies issued starting 2008, collecting $2.9 billion from 30 million investors. Facts. (f) SEBI v. Cabot International Capital Corpn. Nov,2011: Sahara challenges SAT Order, obtains stay. 5,120 crores of the Rs. Conclusion: The Supreme Court, while confirming the findings of SAT has appointed retired apex court judge Justice BN Aggarwal to oversee the probe by SEBI against the two Sahara companies. The case devolves around various loopholes such as fraud, duping investors, corporate governance lapses oblivious to regulatory bodies, contempt of court, money laundering, benami transactions and non –compliance of provisions of the Companies Act. 2005 123 Comp Cas 841 Bom: (Comp Cas pp. SAHARA V/S SEBI: Facts (Cont‟d) However, amount was collected from about 30 million investors in the guise of a "Private Placement" The requirements applicable to the public offerings of securities were not complied with. Latest of the Case 8. 24,400 crores has been paid by Sahara to SEBI. (B) A straitjacket formula of mens rea cannot be blindly followed in each and every case. Observations of Supreme Court 7. 862 & 864-65, paras 47, 52 & 54) “47. This is the most radical change in company law due to the Sahara Scam. Jan,2012: Court asks Sahara to furnish details of assets and reserves. The Unresolved Battle of SEBI vs Sahara. Sahara vs SEBI - Read online for free. Get more India News and Business News on Zee Business. disposing appeals in the case of Sahara India Real Estate Corporation Ltd and Ors v. SEBI and Anr., Appeal No. The judgment of the Supreme Court in the case of Sahara India Real Estate Corporation Limited v. Securities and Exchange Board of India has increased the domain of SEBI to include unlisted companies which intend to get their securities listed on any recognised stock exchange in India. Sahara Appeals in Supreme Court that SEBI has no jurisdiction for the proposed issue. Sahara-Sebi case: Two Sahara group firms have moved the Supreme Court seeking initiation of contempt proceedings against SEBI alleging that the market regulator's demand of Rs 62,602 crore from them was not only contemptuous but a mischievous attempt to overreach the directions of the apex court. The issues are discussed herein below. Since 2009, when the Sahara Group’s activities first came under the radar of SEBI leading up to the arrest of Sahara India Pariwar founder Subrata Roy in 2014, both parties have been engaged in an aggressive regulatory conflict. 132 of 2011. Contents 1. Case Study 1: Sahara Group. Factual Summary 6. 131 of 2011 along with Sahara Housing Investment Corporation Ltd and Ors v. SEBI and Anr., Appeal No. Saharas Contention 4. Sahara V/S SEBI : Facts 3. Sahara claims to have paid off Rs. Oct,2011: SAT upholds SEBI order. SEBIs Contention 5. 20,000 crores to the investors directly but is unable to provide proof of the payment to SEBI. Since the 12th August, 2012 judgment, only Rs. Thus, the following extracted principles are summarised: (A) Mens rea is an essential or sine qua non for criminal offence. Sahara scam. What began as an innocuous letter pointing out a discrepancy in the Draft Red Herring Prospectus (hereinafter referred to as DRHP) of Sahara, soon snowballed into uncovering illegal scheme of public offering made by the company. Supreme Court asks Sahara to approach Securities Appellate Tribunal(SAT).