Between The Lines... August, 2017

Highlights

1. SAT rules on SEBI's power to lift corporate veil, dismisses Sahara's appeal
2. "The Moratorium has no application on the properties beyond the ownership of the Corporate Debtor": NCLT
3. SAT stays SEBI communication on shell companies
4. SC uses its extra-ordinary powers to allow parties to withdraw insolvency application after admission

I. SAT rules on SEBI's power to lift corporate veil, dismisses Sahara's appeal

The Securities Appellate Tribunal ("SAT") in the matter of Sahara Asset Management Company Private Limited ("Sahara AMC") and Others vs. Securities and Exchange Board of India ("SEBI") (decided on July 28, 2017) held that SEBI has the power to lift corporate veil in the interest of investors.