Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: form 3cd :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARDS :: TDS :: ACCOUNTING STANDARD :: Central Excise rule to resale the machines to a new company :: articles on VAT and GST in India :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: list of goods taxed at 4% :: due date for vat payment :: VAT Audit :: cpt :: VAT RATES :: TAX RATES - GOODS TAXABLE @ 4% :: empanelment
 
 
News Headlines »
 Income Tax Department expands list of deposits, transactions under scrutiny
  Income-tax Act, 1961 read with Rule 114E of Income-tax Rules, 1962
 Master Directions on Access Criteria for Payment Systems
 RBI-Scheduled Bank's Statement of Position in India as on Friday, January 06, 2017 (Revised)
 3 Big Mistakes To Avoid This Tax Season
 The Top 5 Tax Stories Of 2017
 Are multiple service tax rates in the offing?
 All you need to know about claiming tax break on HRA
 How much income tax you should pay on investments in gold?
  Best ways to save tax in 2017
 8 unknown stocks that could yield huge returns

SC: Sebi can seek fund-raising details from Sahara firms
January, 04th 2011

The Supreme Court today said Sebi was entitled to seek all necessary information from two Sahara group firms on how resources were being raised but refused to stay the companies' ongoing fund-mopping exercise.

The apex court was hearing market regulator's petition against an Allahabad High Court order staying Sebi's ban on two Sahara group firms, Sahara India Real Estate Corporation and Sahara Housing Investment Corporation from raising funds from the public through OFCDs (Optionally Fully Convertible Debentures).

A bench headed by Chief Justice SH Kapadia said that SEBI can call for information from the two Sahara group firms regarding their investors.

"We make it clear that Securities and Exchange Board of India (SEBI) is entitled to call for any information which it deem to fit including names of the investors who have invested in OFCDs," the bench said.

The apex court further said,"We express no opinion in this case. We direct High Court to dispose off the case expeditiously."

However, the bench declined the plea of SEBI's council to stay Sahara group companies from raising money from the open market through OFCD.

"The investors are very clever now a days. If they invest then that should be at their own risk," the bench said asking SEBI to bring out an advertisement regarding the ongoing case.

The Supreme Court also asked the registrar of companies to appear before the Allahabad high court and file its reply in this matter.

Yesterday, Sebi had moved the Supreme Court against a High Court order staying the market regulator's ban on a Sahara group firm to raise funds from the public.

Earlier on December 13, the Allahabad High Court had stayed an order of SEBI restraining Sahara India Real Estate Corporation from accessing public funds.

In its petition, the Sahara group firm had challenged the order of SEBI restraining two entities and promoters, including Chairman Subrata Roy, from accessing market for non-disclosure of information. Sebi had also said that there was a need for lifting the veil on corporate fund raising.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Article Management Solutions System Article Management Software S

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions