S.E.B.I vs Sahara India Real Estate Corporation ...

The Supreme Court upheld the orders of SEBI and the Securities Appellate Tribunal (SAT) regarding Sahara India Real Estate Corporation Limited and Sahara Housing Investment Corporation Limited, affirming that the companies must refund the amounts collected through Optional Fully Convertible Debentures (OFCDs) as per the Red Herring Prospectus. The Court directed the Saharas to deposit the total amount of ₹17,400 Crores with SEBI, along with interest at 15% per annum, and emphasized that failure to comply would imply non-refund to genuine investors. The judgment reinforced the regulatory authority of SEBI under the Securities and Exchange Board of India Act, 1992, ensuring investor protection.