• India CSR Awards 2025
  • Guest Posts
Saturday, July 5, 2025
  • Login
India CSR
  • Home
  • Corporate Social Responsibility
    • Art & Culture
    • CSR Leaders
    • Child Rights
    • Culture
    • Education
    • Gender Equality
    • Around the World
    • Skill Development
    • Safety
    • Covid-19
    • Safe Food For All
  • Sustainability
    • Sustainability Dialogues
    • Sustainability Knowledge Series
    • Plastics
    • Sustainable Development Goals
    • ESG
    • Circular Economy
    • BRSR
  • Corporate Governance
    • Diversity & Inclusion
  • Interviews
  • SDGs
    • No Poverty
    • Zero Hunger
    • Good Health & Well-Being
    • Quality Education
    • Gender Equality
    • Clean Water & Sanitation – SDG 6
    • Affordable & Clean Energy
    • Decent Work & Economic Growth
    • Industry, Innovation & Infrastructure
    • Reduced Inequalities
    • Sustainable Cities & Communities
    • Responsible Consumption & Production
    • Climate Action
    • Life Below Water
    • Life on Land
    • Peace, Justice & Strong Institutions
    • Partnerships for the Goals
  • Articles
  • Events
  • हिंदी
  • More
    • Business
    • Finance
    • Environment
    • Economy
    • Health
    • Around the World
    • Social Sector Leaders
    • Social Entrepreneurship
    • Trending News
      • Important Days
        • Festivals
      • Great People
      • Product Review
      • International
      • Sports
      • Entertainment
    • Case Studies
    • Philanthropy
    • Biography
    • Technology
    • Lifestyle
    • Sports
    • Gaming
    • Knowledge
    • Home Improvement
    • Words Power
    • Chief Ministers
No Result
View All Result
  • Home
  • Corporate Social Responsibility
    • Art & Culture
    • CSR Leaders
    • Child Rights
    • Culture
    • Education
    • Gender Equality
    • Around the World
    • Skill Development
    • Safety
    • Covid-19
    • Safe Food For All
  • Sustainability
    • Sustainability Dialogues
    • Sustainability Knowledge Series
    • Plastics
    • Sustainable Development Goals
    • ESG
    • Circular Economy
    • BRSR
  • Corporate Governance
    • Diversity & Inclusion
  • Interviews
  • SDGs
    • No Poverty
    • Zero Hunger
    • Good Health & Well-Being
    • Quality Education
    • Gender Equality
    • Clean Water & Sanitation – SDG 6
    • Affordable & Clean Energy
    • Decent Work & Economic Growth
    • Industry, Innovation & Infrastructure
    • Reduced Inequalities
    • Sustainable Cities & Communities
    • Responsible Consumption & Production
    • Climate Action
    • Life Below Water
    • Life on Land
    • Peace, Justice & Strong Institutions
    • Partnerships for the Goals
  • Articles
  • Events
  • हिंदी
  • More
    • Business
    • Finance
    • Environment
    • Economy
    • Health
    • Around the World
    • Social Sector Leaders
    • Social Entrepreneurship
    • Trending News
      • Important Days
        • Festivals
      • Great People
      • Product Review
      • International
      • Sports
      • Entertainment
    • Case Studies
    • Philanthropy
    • Biography
    • Technology
    • Lifestyle
    • Sports
    • Gaming
    • Knowledge
    • Home Improvement
    • Words Power
    • Chief Ministers
No Result
View All Result
India CSR
No Result
View All Result
Home More

Sahara, SEBI Cannot Mutually Agree to Violate Judgment: SC

India CSR by India CSR
in More
Reading Time: 3 mins read
2
VIEWS
Share Share Share Share

The capital market regulator can take legal action against the Sahara Group for not complying with its directions on refund of Rs24,000 crore to investors, the Supreme Court has ruled. The court was hearing an application filed by Sebi against the Sahara Group accusing it of not complying with the court’s previous order.

NEW DELHI: The Supreme Court has pulled up market regulator Sebi for going soft on Sahara group of companies by failing to act after the firms did not implement the court’s August 31 order directing them to furnish all documents relating to investments of more than Rs 24,000 crore.

India CSRThe court said Sebi and the Sahara firms could not “mutually agree to violate the judgment” when counsel for Sahara Gopal Subramaniam told a bench of Justice K S Radhakrishnan and J S Khehar that a schedule is being worked out with the regulator to comply with the order by November 30.

The bench observed 10 days had been given to Sahara India Real Estate Corporation Ltd (SIRECL) and Sahara Housing Investment Corporation Ltd (SHICL) to produce the documents. Thereafter, Sebi was to go ahead with its statutory duties and investigate the investments so that genuine investors got their money back.

When Sebi counsel and senior advocate Arvind Datar said the apex court’s order has not been complied with, the bench asked, “What is the consequence of that? Whatever the two companies were to show they were to do that in 10 days. The time limit is clearly prescribed. If they don’t, then take appropriate action.”

“For so many years, they did not furnish anything. We gave 10 more days. If they do not comply with it, take action as per law. It is the duty of Sebi to comply with the judgment also. We are not here to hold the hands of Sebi and tell what it should do as per its statutory mandate and duty,” the bench said.

For Sahara, Subramaniam sought to argue that all investment documents have been given in DVDs to Sebi that pointed out certain arithmetical anomalies.

“We are rectifying anomalies and are in constant consultation with Sebi to work out the mode and modalities for transportation of all documents relating to the investments. We are working out a schedule for complying with the judgment and by November 30 we will submit all original documents,” Subramaniam said.

The court made it clear that the two parties could not cut a private deal. It asked Sebi to explain how the two parties – Sahara and the market regulator – could “mutually agree to violate the judgment?” It said, “not giving documents within 10 days violates the judgment. You cannot by consent violate our order.”

The SC had on August 31 asked the two Sahara companies to refund within three months Rs 24,029 crore collected between 2008 and 2011 from over 2.96 crore investors, flouting mandatory regulatory provisions and the Companies Act. It held Sebi is right in faulting SIRHEL and SHICL for the manner in which they had raised huge funds.

SIRECL floated Optionally Fully Convertible Debentures (OFCDs) as an open-ended scheme and collected over Rs 19,400 crore from April 25, 2008 to April 13, 2011 from 2.21 crore investors. The company had a total collection of Rs 17,656 crore as on August 31, 2011, after meeting the demand for premature redemption. SHICL collected another Rs 6,380 crore by issuing similar OFCDs from other investors.

The court expressed suspicion that many of the OFCD subscribers could be fictitious and directed Sahara to produce documents about its investors to Sebi within 10 days. It allowed the regulator to engage investigators to probe genuineness of investors and the claim that certain refunds were made.

If Sebi finds the refund documents to be fake, then it would be taken that the Sahara firms had not refunded money, the court had said. “Sebi (whole-time member) shall have the liberty to engage investigating officers, experts in finance and accounts and other supporting staff to carry out directions and the expenses for the same will be borne by Sahara and be paid to Sebi,” it had added.

(Times of India/Daily News & Analysis/Indian Express)

 

IndiaCSR Whatsapp Channel

India CSR offers strategic corporate outreach opportunities to amplify your brand’s CSR, Sustainability, and ESG success stories.

📩 Contact us at: biz@indiacsr.in

Let’s collaborate to amplify your brand’s impact in the CSR and ESG ecosystem.

India CSR

India CSR

India CSR is the largest media on CSR and sustainability offering diverse content across multisectoral issues on business responsibility. It covers Sustainable Development, Corporate Social Responsibility (CSR), Sustainability, and related issues in India. Founded in 2009, the organisation aspires to become a globally admired media that offers valuable information to its readers through responsible reporting.

Related Posts

India’s Veteran journalist Vinod Dua passes away
More

India’s Veteran journalist Vinod Dua passes away

4 years ago
373
India CSR
More

Republic or Democratic?

4 years ago
280
Dr. H. Chaturvedi on Stem Education in India at STEM – CSR Roundtable
Corporate Social Responsibility

How can we conserve water amidst the Coronavirus crisis?

5 years ago
42
Dr. H. Chaturvedi on Stem Education in India at STEM – CSR Roundtable
Corporate Social Responsibility

Toyota Kirloskar Motor temporarily halts production at its Plant in Bidadi, Karnataka

5 years ago
57
Dr. H. Chaturvedi on Stem Education in India at STEM – CSR Roundtable
Corporate Social Responsibility

Govt. seeks public comments on Corporate Social Responsibility Policy (CSR) Amendment Rules, 2020

5 years ago
79
Dr. H. Chaturvedi on Stem Education in India at STEM – CSR Roundtable
Corporate Social Responsibility

Govt to amend CSR rules under companies law, invites public comments

5 years ago
57
Dr. H. Chaturvedi on Stem Education in India at STEM – CSR Roundtable
Corporate Social Responsibility

MCA sanctions Prosecution in 366 cases given in violation of CSR Provisions

5 years ago
87
More

Schindler India launches an additional employee assistance program

5 years ago
32
More

NMDC Committed to fight COVID 19 for a safe and healthy India

5 years ago
12
Load More

Leave a Reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

India CSR Awards India CSR Awards India CSR Awards
ADVERTISEMENT

LATEST NEWS

Motilal Oswal Foundation Launches ₹100 Cr Rural Youth Empowerment in Rajasthan

Alyssa Carson: Aspiring to be on the First Human Mission to Mars – the Red Planet

Alyssa Carson: 10 Interesting Facts Every Girl Must Know

Alyssa Carson: The Blueberry Dreaming of Mars

Top Hacks to Save on Your Comprehensive Car Insurance Premium

TCS Surpassing $30 Billion Revenue & $20 Billion Brand Value, Driven by AI & Client-First Strategy

HZL HZL HZL
ADVERTISEMENT

TOP NEWS

Homeopathic Treatment of Hair Loss and Regrowth

Key Challenges Faced in Securing Business Loans in India and How to Tackle Them

From Complexity to Clarity: Navigating the Path of Salesforce Experience Cloud Implementation

CSR: Jindal Foundation Rolls Out ‘Hospital on Wheels’ to Boost Rural Healthcare in Jharkhand

FedEx Fosters PRIDE and Purpose by Creating Equal Opportunities Across India

Hindustan Zinc Sets New Standard for Workplace Inclusion with Language Guide

Load More

Advertisement

Image Slider
content writing services Guest Post Top 5 Reasons to have Sponsored Posts at India CSR – India’s Largest CSR Media stem learning R2V2 Technologies Private Limited

Interviews

Himanshu Nivsarkar, Senior Executive Vice President and Head of CSR & ESG at Kotak Mahindra Bank
Interviews

Driving Sustainable Impact: An Interview with Himanshu Nivsarkar, Kotak Mahindra Bank

by India CSR
May 22, 2025
142

By Rusen Kumar NEW DELHI (India CSR): Himanshu Nivsarkar, Senior Executive Vice President and Head of CSR & ESG at Kotak...

Read moreDetails
Balamurugan Thevar, CSR Head at Shriram Finance

Empowering Women Drivers: An Interview with Balamurugan Thevar, CSR Head at Shriram Finance

May 20, 2025
218
N E Sridhar, the Chief Sustainability Officer at Titan Company Ltd.

Empowering Rural Craft Entrepreneurs: An Interview with N E Sridhar, Titan Company

May 15, 2025
102
Geetaj Channana, the Head of Corporate Strategy at Vivo India

Empowering Young Innovators Across India: An Interview with Geetaj Channana, the Head of Corporate Strategy at Vivo India

April 25, 2025
56
Load More
Facebook Twitter Youtube LinkedIn Instagram
India CSR Logo

India CSR is the largest tech-led platform for information on CSR and sustainability in India offering diverse content across multisectoral issues. It covers Sustainable Development, Corporate Social Responsibility (CSR), Sustainability, and related issues in India. Founded in 2009, the organisation aspires to become a globally admired media that offers valuable information to its readers through responsible reporting. To enjoy the premium services, we invite you to partner with us.

Follow us on social media:


Dear Valued Reader

India CSR is a free media platform that provides up-to-date information on CSR, Sustainability, ESG, and SDGs. They need reader support to continue delivering honest news. Donations of any amount are appreciated.

Help save India CSR.

Donate Now

donate at indiacsr

  • About India CSR
  • Team
  • India CSR Awards 2025
  • Partnership
  • Guest Posts
  • Services
  • Content Writing Services
  • Business Information
  • Contact
  • Privacy Policy
  • Terms of Use
  • Donate

Copyright © 2025 - India CSR | All Rights Reserved

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Home
  • Corporate Social Responsibility
    • Art & Culture
    • CSR Leaders
    • Child Rights
    • Culture
    • Education
    • Gender Equality
    • Around the World
    • Skill Development
    • Safety
    • Covid-19
    • Safe Food For All
  • Sustainability
    • Sustainability Dialogues
    • Sustainability Knowledge Series
    • Plastics
    • Sustainable Development Goals
    • ESG
    • Circular Economy
    • BRSR
  • Corporate Governance
    • Diversity & Inclusion
  • Interviews
  • SDGs
    • No Poverty
    • Zero Hunger
    • Good Health & Well-Being
    • Quality Education
    • Gender Equality
    • Clean Water & Sanitation – SDG 6
    • Affordable & Clean Energy
    • Decent Work & Economic Growth
    • Industry, Innovation & Infrastructure
    • Reduced Inequalities
    • Sustainable Cities & Communities
    • Responsible Consumption & Production
    • Climate Action
    • Life Below Water
    • Life on Land
    • Peace, Justice & Strong Institutions
    • Partnerships for the Goals
  • Articles
  • Events
  • हिंदी
  • More
    • Business
    • Finance
    • Environment
    • Economy
    • Health
    • Around the World
    • Social Sector Leaders
    • Social Entrepreneurship
    • Trending News
      • Important Days
      • Great People
      • Product Review
      • International
      • Sports
      • Entertainment
    • Case Studies
    • Philanthropy
    • Biography
    • Technology
    • Lifestyle
    • Sports
    • Gaming
    • Knowledge
    • Home Improvement
    • Words Power
    • Chief Ministers

Copyright © 2025 - India CSR | All Rights Reserved

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.