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case study of Sahara Case capital and security market short notes
case study of Sahara Case capital and security market short notes Sahara Case With life savings of millions at stake, the question is—why was the administration sleeping while this Rs20,000 crore was raised through a million agents? The ruling of the Supreme Court in the Sahara Real Estate Corporation (Sahara) case is a landmark ruling, not so much for the technical interpretation of the apparently conflicting or unclear provisions of the Companies Act, Securities Contracts Act or SEBI Act, but on the extremely candid and sharp observations of the judges on the conduct of the appellants. And also for upholding peoples’ pride and faith in the judiciary that legal sophistry cannot obfuscate what is so apparently a gross violation of the regulatory regime of the country. Misplacing private placement In fact, the details were so stark that the contention of the appellants could have been rubbished at the very outset by common intuition alone. To put in simple words, the appellants contended that they were unlisted companies and were not to be regulated
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