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SEBI directs ‘Sahara India’ and its directors to refund money collected from investors

January 22, 2020[2020] 113 415 (SEBI)

COMPANY LAW : Where SICCL was engaged in fund mobilising activity from public, through offer of OFCDs during financial years 1998-2000 and raised an amount from allottees, which was found to be in violation of provisions of SEBI Act, 1992, Companies Act, 1956, and Securities and Exchange Board of India (Disclosure and Investor Protection) Guidelines, 2000 (DIP Guidelines) read with SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009 (ICDR Regulations), it was held that legal representatives of Late 'Y' (director of SICCL) in discharge liability under section 73(2) of Companies Act, 1956, jointly and severally with SICCL and other directors as per order dated 31-10-2018, forthwith would refund money collected by company through issuance of OFCDs including application money collected from investors, pending allotment of securities, if any, with an interest of 15 per cent per annum, upto extent of assets inherited, to investors till date of actual payment to extent of assets inherited by LRs

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