The Supreme Court on Friday agreed to hear a plea by the Securities and Exchange Board of India (Sebi) challenging a part of the Securities Appellate Tribunal (SAT) order granting relief to four managers and the company secretary of Sahara India Commercial Corporation Ltd (SICCL). According to reports from Business Standard, a Bench of **Chief Justice Surya Kant and Justice V Mohana tagged the matter with the pending petitions on the issue and listed it in the month of July for hearing. The court also directed the tribunal to decide the appeal preferably within two months, as reported by Verdicto News.
On March 9, the tribunal upheld regulatory action by the Sebi against SICCL and dismissed appeals filed by the company and its directors in connection with the alleged illegal issuance of optionally fully convertible debentures (OFCDs). As reported by Business Standard, the three-member SAT bench had ruled the OFCDs issued between 1998 and 2008 constituted a public offer, bringing them within Sebi jurisdiction. The tribunal's decision had provided relief to the Sahara executives in the ongoing case.
Waterways Leisure Tourism, the operator of Cordelia Cruises, on Thursday fixed a price band of ₹769-808 for its initial public offering (IPO). According to Business Standard, the IPO will open for subscription on June 23 and close on June 25. The IPO is looking to raise up to ₹585 crore and investors can bid for a minimum of 18 equity shares in multiples thereafter.
The IPO comprises a fresh issue of up to ₹585 crore, with ₹480 crore allocated for payment towards deposit/advanced to lease rental and monthly lease payments to its step-down subsidiary, Baycruise Shipping and Leasing (IFSC) Private Limited. As reported by Business Standard, the remaining balance proceeds will be utilized for general corporate purposes. The company announced these details at a roadshow for the public offering.
