NEW DELHI: Sahara has termed the Sebi’s order asking Sahara India Commercial Corporation Ltd (SICCL) to refund Rs 14,000 crore with an interest rate of 15% according to annum ‘towards the spirit of herbal justice’.
In a remark, Sahara India mentioned, “Supreme Court in its order noticed that OFCD factor by means of SICCL used to be made in 1998 and it used to be earlier than the amendment of segment 67(three) by means of Companies Amendment Act, 2000, therefore, ROC and not Sebi had jurisdiction in recognize of the mentioned OFCDs.’’ The company mentioned that used to be the reason that SC didn't act towards SICCL when it used to be hearing a equivalent case towards two of its subsidiaries.
SICCL had discharged most of its OFCD liabilities. Hence, the Sebi order is towards the commentary and conclusion drawn by means of SC, Sahara mentioned.
In a remark, Sahara India mentioned, “Supreme Court in its order noticed that OFCD factor by means of SICCL used to be made in 1998 and it used to be earlier than the amendment of segment 67(three) by means of Companies Amendment Act, 2000, therefore, ROC and not Sebi had jurisdiction in recognize of the mentioned OFCDs.’’ The company mentioned that used to be the reason that SC didn't act towards SICCL when it used to be hearing a equivalent case towards two of its subsidiaries.
SICCL had discharged most of its OFCD liabilities. Hence, the Sebi order is towards the commentary and conclusion drawn by means of SC, Sahara mentioned.
Sebi’s order against natural justice: Sahara
![Sebi’s order against natural justice: Sahara]()
Reviewed by Kailash
on
November 04, 2018
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