Court :
Securities Appelate Tribunal
Brief :
The appeal is allowed on the finding that no evidence has come forward to show that the company had made a public offer other than these 49 persons. Once allotment is made to less than fifty allottees by way of private allotment the first proviso to Section 67(3) clearly makes it a private issue and not a public issue.
Citation :
ZENITH HIGHRISE INFRACON LTD., MR. KATYAL BANERJEE (APPELLANT) VS. SEBI (RESPONDENT)
Subscribe to CCI PRO for unlimited access
Already a PRO member? Login here for an ad-free experience.
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CAclubindia
