P.K.MALHOTRA, N.K.SODHI, S.S.N.MOORTHY
Sahara India Real Estate Corporation Limited – Appellant
Versus
Securities and Exchange Board of India – Respondent
Advocates Appeared:
Jatin Pore, Subash Sharma, Fali S. Nariman, Ms. Tanu Banerjee, Satish Kishanchandani,Darius Khambata, Arvind Datar, Aditya Mehta, Prateek Seksaria, Mihir Mody, Jayesh K. Ashar, Mobin Shaikh, Som Sinha
ORDER
N.K. Sodhi, Presiding Officer. - Whether the Optionally Fully Convertible Debentures (OFCDs) issued by the appellants are public issues required to be compulsorily listed on a stock exchange and whether these are "securities" as defined in the Securities Contracts (Regulation) Act, 1956 (for short SCRA) and whether the Securities and Exchange Board of India (hereinafter referred to as Sebi) has jurisdiction to regulate them and what effect section 55-A of the Companies Act, 1956 has had on the powers of Sebi in regulating unlisted companies are primarily the important questions of law that arise for our consideration in these two appeals. Appeal no.131 of 2011 has been filed by Sahara India Real Estate Corporation Limited and its directors/shareholders and Appeal no.132 of 2011 has been filed by Sahara Housing Investment Corporation Limited and its directors/shareholders and these companies shall be referred to hereinafter as the company and housing company respectively. Both the companies are group companies and these appeals involve identical questions of law and fact. Since the main arguments were addressed in Appeal no.131 of 2011, the facts are being taken from this case
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