SC held Sahara guilty of raising fund from public through dubious private placements in violation of securities laws

SUPREME COURT OF INDIA Sahara India Real Estate Corprn. Ltd. v/s. Securities and Exchange Board of India CIVIL APPEAL NOs. 9813 and 9833 OF 2011 August 31, 2012 JUDGMENT K.S. Radhakrishnan, J.  We are, in these appeals, primarily concerned with the powers of the Securities and Exchange Board of India (for short ‘SEBI’) under Section 55A(b) of the Companies Act, 1956 to administer various provisions relating to issue and transfer of securities to the public by listed companies or companies which intend to get their securities listed on any recognized stock exchange...