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Supreme Court Judgement in Sahara Case

Supreme Court Judgement in Sahara Case

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Published by OutlookMagazine
SC's August 31, 2012 judgement
SC's August 31, 2012 judgement

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Published by: OutlookMagazine on Mar 06, 2014
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07/07/2015

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REPORTABLE
IN THE SUPREME COURT OF INDIACIVIL APPELLATE JURISDICTION
CIVIL APPEAL NO. 9813 OF 2011
Sahara India Real Estate Corporation Liited ! Ors" "" AppellantsVers#sSe$#rities and E%$han&e 'oard o( India ! Anr""" Respondents)ITH
CIVIL APPEAL NO. 9833 OF 2011 J U D G M E N T K. S. RADHAKRISHNAN, J.
*")e are+ in these appeals+ priaril, $on$erned -ith the po-ers o( the Se$#rities and E%$han&e 'oard o( India .(or short /SE'I/0 #nder Se$tion 11A.20 o( the Copanies A$t+ *314 to adinister 5ario#s pro5isions relatin& to iss#e and trans(er o( se$#rities to the p#2li$ 2, listed $opanies or $opanies -hi$h intend to &et their se$#rities listed on an, re$o&ni6ed sto$7 e%$han&e in India and also the 8#estion -hether Optionall, F#ll, Con5erti2le De2ent#res .(or short /OFCDs/0 o((ered 2, the appellants sho#ld ha5e 2een listed on an, re$o&ni6ed sto$7
 
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e%$han&e in India+ 2ein& P#2li$ Iss#e #nder Se$tion 9: read -ith Se$tion 4;' and allied pro5isions o( the Copanies A$t and -hether the, had 5iolated the Se$#rities and E%$han&e 'oard o( India .Dis$los#re and In5estor Prote$tion0 <#idelines+ =;;; >(or short /DIP <#idelines/? and 5ario#s re&#lations o( the Se$#rities and E%$han&e 'oard o( India .Iss#e o( Capital and Dis$los#re Re8#ireents0 Re&#lations+ =;;3 >(or short /ICDR =;;3/?+ and also -hether OFCDs iss#ed are se$#rities #nder the Se$#rities Contra$ts .Re&#lation0 A$t+ *314 >(or short /SCR A$t/?"="Sahara India Real Estate Corporation Liited .(or short /SIRECL/0 and Sahara Ho#sin& In5estent Corporation Liited .(or short /SHICL@0+ appellants herein .$on5enientl, $alled Saharas0+ are the $opanies $ontrolled 2, Sahara <ro#p" Saharas ha5e raised alost identi$al iss#es on (a$ts as -ell as on 8#estions o( la- 2e(ore #s and hen$e -e are disposin& o(( 2oth the appeals 2, -a, o( a $oon #d&ent":"SIRECL -as ori&inall, in$orporated as Sahara India BC@ J#n%ion Corporation Liited on ="*;"=;;1 as a p#2li$ liited $opan, #nder the Copanies A$t and it $han&ed its nae to
 
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SIRECL on 9":"=;;" As per the 'alan$e Sheet o( the $opan, as on :*"*="=;;9+ its $ash and 2an7 2alan$es -ere Rs"4+9*+= and its net $#rrent assets -orth Rs"4+1+44;" Copan, had no (i%ed assets nor an, in5estent as on that date" SIRECL/s operational and other e%penses (or the three 8#arters endin& :*"*="=;;9 -ere Rs"3+=3= and the loss $arried (or-ard to the 'alan$e Sheet as on that date -as Rs":+=+:1" "SIRECL+ in its E%traordinar, <eneral Meetin& held on :":"=;;+ resol5ed thro#&h a spe$ial resol#tion passed in ters o( Se$tion *.*A0 o( the Copanies A$t to raise (#nds thro#&h #nse$#red OFCDs 2, -a, o( pri5ate pla$eent to (riends+ asso$iates+ &ro#p $opanies+ -or7erseplo,ees and other indi5id#als asso$iateda((iliated or $onne$ted in an, anner -ith Sahara <ro#p o( Copanies .(or short Sahara <ro#pG0 -itho#t &i5in& an, ad5ertiseent to &eneral p#2li$" Copan, a#thori6ed its 'oard o( Dire$tors to de$ide the ters and $onditions and re5ision thereo(+ nael,+ (a$e 5al#e o( ea$h OFCD+ ini# appli$ation si6e+ ten#re+ $on5ersion and interest rate" 'oard o( Dire$tors+ $onse8#entl,+ held a eetin& on *;":"=;; and resol5ed to iss#e #nse$#red OFCDs 2, -a, o( pri5ate pla$eent+ the details

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