SAT ordered to Sahara return of Rs 24,000 cr

SAT ordered to Sahara  return of Rs 24,000 cr

SAT is where appeals against orders issued by market watchdog Securities & Exchange Board of India (Sebi) are heard.
On Tuesday, SAT told two of Subrata Roy’s companies, Sahara  Commodity Services Corporation (SCSC, formerly Sahara India Real Estate Corporation) and Sahara Housing Investment Corporation (SHIC), that Sebi’s 23 June order to return all the money they had collected through optionally fully convertible debentures (OFCDs) stands. They have been given six weeks to comply and return the money.
According to a CNBC-TV18 report, the two Sahara companies will have to return nearly Rs 24,029 crore raised via the OFCD scheme. OFCDs are debentures which investors can convert into shares at their option.