[I.A. Nos. 101-103 in Contempt Petitions (C) No.412413 of 2012]. [Civil Appeals No. 9813 and 9833 of 2011]. Sahara India Real Estate Corporation Limited (SIRECL) and Sahara Housing Investment Corporation Limited (SHICL) (hereinafter referred to as 'Saharas' for short) invited and claim to have collected deposits from general public 1 including cobblers, labourers, artisans and peasants in the form of what were described as 'Optional Fully Convertible Debentures' (OFCD). On a complaint received from Professional Group of Investors Protection, SEBI found that the mobilisation of funds under the Red Herring Prospectus (RHP) dated 13th March, 2008 and 6th October, 2009 issued by the two companies was not legally permissible. By an ad interim ex parte order dated 24th November, 2010 SEBI directed Saharas not to offer their equity shares/OFCDS or any other securities to the public or invite subscription in any manner whatsoever either directly or indirectly pending further orders. Aggrieved by the said order Saharas approached the High Court at Bombay but the High Court not only declined to interfere with the directions issued by SEBI but also passed a further order on 23 rd June, 2011, directing the promoter Mr. Subrata Roy Sahara and Directors Miss Vandana Bhargava, Mr. Ravi Shankar Dubey and Mr. Ashok Roy Choudhary of Saharas to jointly and severely refund the amount collected by Saharas in terms of the RHPs issued by them alongwith interest @ 15% p.a. from the date of the receipt of the deposits till the date of such repayment.
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