SC agrees to hear Sebi plea against SAT relief to Sahara managers

The Supreme Court on Thursday 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). 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. 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). The three-member SAT bench had ruled the OFCDs issued between 1998 and 2008 constituted a public offer, bringing them within Sebi jurisdiction.  

Cordelia Cruises fixes price band of ₹769-808 for IPO  

Waterways Leisure Tourism, the operator of Cordelia Cruises, on Thursday fixed a price band of ₹769-808 for its initial public offering (IPO), which will open for subscription on June 23. The IPO, which is looking to raise up to ₹585 crore, will close on June 25, the company announced at a roadshow. Investors can bid for a minimum of 18 equity shares and in multiples of 18 equity shares thereafter, it said. The IPO is a fresh issue of up to ₹585 crore. The proceeds from the fresh issue to the extent of ₹480 crore will be for payment towards deposit/advanced to lease rental and monthly lease payments its step-down subsidiary, Baycruise Shipping and Leasing (IFSC) Private Limited, while the balance proceeds will be utilised for general corporate purposes.