Biggest Business battles of 2012
2. SEBI Vs Sahara
Severe jolt to Sahara Group, strict scrutiny of mining activities and scrapping of licenses for 2G spectrum dominated the corporate legal battle in 2012 in the Supreme Court which gave a decisive victory to telecom major Vodafone in an 11,000 crore tax case.
Supreme Court stated the transaction between Vodafone and Hong Kong based Hutchison Group falls out of the tax jurisdiction of the Indian tax authorities.
On other front, it was a lost battle for Sahara Group which on August 31 was directed to refund around 24, 000 crore to their investors within three months with 15 per cent interest per annum.
The apex court said that if the companies Sahara India Real Estate Corporation (SIREC) and Sahara Housing Investment Corporation (SHIC) fail to refund the amount then SEBI can attach properties and freeze bank accounts of the companies.
As per an earlier Supreme Court order dated August 31, the two companies were asked to submit the investor documents by November 10, while the money was to be refunded to the investors within three months.
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