A CRITICAL ANALYSIS OF SAHARA INDIA REAL ESTATE CORPORATION LIMITED (SIRECL) & ORS. VS. SECURITIES & EXCHANGE BOARD OF INDIA (SEBI) & ANR
AUTHOR: DIVYANSH BHARGAVA, ASSISTANT PROFESSOR, RABINDRANATH TAGORE UNIVERSITY, BHOPAL CONTACT: BHARGAVA99DIVYANSH@GMAIL.COM, 9685392498
BEST CITATION – DIVYANSH BHARGAVA, A CRITICAL ANALYSIS OF SAHARA INDIA REAL ESTATE CORPORATION LIMITED (SIRECL) & ORS. VS. SECURITIES & EXCHANGE BOARD OF INDIA (SEBI) & ANR, INDIAN JOURNAL OF LEGAL REVIEW (IJLR), 5 (1) OF 2025, PG. 817-821, APIS – 3920 – 0001 & ISSN – 2583-2344.
INTRODUCTION
The case[1] is considered as a milestone decision in the area of the SEBI power & jurisdiction in cases of corporate capital raising in which investor trust is entrusted. According to SEBI, nearly 23 million people, including peasants, labourers, cobblers, artisans, and others, have invested in this scam. On August 31, 2012, the Hon’ble Apex Court issued one of its most anticipated rulings, ordering the Sahara Group & its 2 entities, SIRECL & SHICL, to provide a Rs 17,400 crores repayment to its persons who invest in a said companies within 3 months of the order’s date, plus 15% interest. While confirming the SAT’s findings, the Hon’ble Apex Court have also directed SEBI to investigate the case & identify the genuine investor base who is a member of the Optionally Fully Convertible Debentures (OFCDs) sold by the 2 entities, SIRECL & SHICL.
[1] Sahara India Real Estate Corp. Ltd. & Ors. vs. SEBI & Anr., (2013) 1 SCC 1