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Delhi HC declines PIL seeking stay on Bharti Infratel IPO

11 Dec 2012
The Delhi high court has rejected the public interest litigation (PIL) which was seeking a stay on the IPO of Bharti Infratel and had alleged that “the very foundation of the IPO is fraudulent.”

However, court has asked Sebi to relook into the company’s papers and produce the records relating to its approval to see whether the company had put up with the Sebi’s regulations.

Reading the order, the bench of Chief Justice D Murugesan and Justice Rajiv Sahai Endlaw said, “We are not issuing notice, we are not saying anything and not passing any order. We will see the records to satisfy ourselves.”

Sebi’s counsel argued that the regulator is ready to submit the documents and added that it is ready to probe the issues of granting approval to Bharti Infratel.
Source: Dion Global   Type: IPO Related