Sahara India Real Estate ... vs Securities & Exch.Board Of India

The Supreme Court addressed the powers of the Securities and Exchange Board of India (SEBI) under Section 55A(b) of the Companies Act, 1956, regarding the administration of securities issuance and transfer. The Court held that the appeals concerning the listing of Optionally Fully Convertible Debentures were premature and not maintainable. The Court directed the Saharas to refund amounts collected through RHPs along with interest, and established a framework for SEBI to verify the genuineness of subscriber claims, appointing a retired judge to oversee compliance.