In earlier appeals, being C.A.No.9813 of 2011 and A.No.9833 of 2011, this Court was companycerned with the powers of the Securities and Exchange Board of India 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 companypanies or companypanies which intend to get their securities listed on any recognised Stock Exchange in India and also the question whether Optionally Fully Convertible Debentures, offered by the appellants, should have been listed on any recognised Stock Exchange in India, being Public Issue under Section 73 read with Section 60B and allied provisions of the Companies Act.
The said appeals were heard and finally disposed of on 31st August, 2012, with the following directions Saharas SIRECL SHICL would refund the amounts companylected through RHPs dated 13.3.2008 and 16.10.2009 along with interest 15 per annum to SEBI from the date of receipt of the subscription amount till the date of repayment, within a period of three months from today, which shall be deposited in a Nationalized Bank bearing maximum rate of interest.
This appeal is directed against the judgment and order dated 29th November, 2012, passed by the Securities Appellate Tribunal, in Appeal No.221 of 2012, holding that the same was premature and was number, therefore, maintainable.
Saharas are also directed to furnish the details with supporting documents to establish whether they had refunded any amount to the persons who had subscribed through RHPs dated 13.3.2008 and 16.10.2009 within a period of 10 ten days from the pronouncement of this order and it is for the SEBI WTM to examine the companyrectness of the details furnished.
