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ARTICLE · 27 JUNE 2013

Optionally Fully Convertible Debentures – Whether Securities Or Not?

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The Supreme Court on 31st August, 2012 in Sahara India Real Estate Corporation Limited and Sahara Housing Investment Corporation Limited, & Ors., vs. Securities and Exchange Board of India & Anr., had passed a landmark judgment.

IndiaCorporate/Commercial Law
Yogesh Malhan
Yogesh Malhan
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The Supreme Court on 31st August, 2012 in Sahara India Real Estate Corporation Limited ('SIRECL') and Sahara Housing Investment Corporation Limited ('SHICL"), & Ors., (the Appellants) vs. Securities and Exchange Board of India & Anr. ('SEBI'), (the respondents) had passed a landmark judgment wherein, the Hon'ble Court ordered business conglomerate and leading sports sponsor Sahara to refund all the money together with interest which it collected from millions of small investors.

The matter came into the picture when SEBI, in November 2010, had restrained the two companies from raising funds in the form of Optionally Fully Convertible Debentures (OFCD), against which, Sahara got SEBI order in December 2010, stayed in Allahabad High Court. The Allahabad High Court in April 2011, ordered Sahara to approach the apex Court. In May 2011, the Supreme Court directed SEBI to continue its OFCD probe.

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