SAHARA INDIA REAL ESTATE EXCH.COR.LD.&AN 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 issuance and transfer of securities. The Court upheld the directions given in earlier appeals, mandating Sahara India to refund amounts collected through Red Herring Prospectuses (RHPs) along with interest, and to provide documentation to SEBI for verification of refunds made to subscribers. The Court emphasized the need for SEBI to ascertain the genuineness of the subscribers and the amounts deposited, reinforcing the regulatory framework for public issues under Sections 73 and 60B of the Companies Act, 1956.