Sahara Group to refund ₹14,000 crore as SAT upholds SEBI order in OFCD case

The Securities Appellate Tribunal has upheld SEBI's order directing the Sahara India Commercial Corporation (SICCL) to refund about ₹14,106 crore raised through optionally fully convertible debentures (OFCDs) from nearly 1.98 crore investors. The tribunal said the OFCDs issued between 1998 and 2008 violated securities laws. It also rejected the claim that most funds had already been repaid.