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PIL against ICICI Prudential IPO At Bombay High Court

ICICI Prudential IPO - Not Disclosing Copies Of Certificates Of RHP

Mumbai:A RTI activist and Ex agent of ICICI Prudential Life filed Public Interest Litigation at Bombay High Court challenging SEBI approval to ICICI Prudential IPO. Petitioner has registered various complaint but SEBI officers has not taken any cognizance about complaint and approved ICICI IPO without asking more disclosures . ICICI Prudential life is making various claim in DRHP and RHP filed with SEBI but not providing approval certificates of policies, copy of affidavit, Actuary, auditors, etc as per material column in Red Hearing Prospectus RHP. As per SEBI disclosure act and statements, issuers has to disclose all information to investor. The head of Merchant banker DSP Mery Linch (BOFA) should provide all the information to investor without any discrimination. The Merchant banker ie lead manager approve the content of offer document and file due diligence certificate that all the content are true. The merchant banker issued such certificate without confirming that policies are approve or not. If IRDA is not certifying the content of offer document of  then how merchant bankers certify the content of offer document? It is violation of SEBI Merchant Banker Act 1992 . To save the small investors from such cheating and converting loss making company to profit company petitioner filed PIL at Bombay High Court. Petitioner also submitted that How ICICI Prudential making alteration in policy document without IRDA approval of any charges and actuary benefiting company. As per Actuary regulation of IRDA he should work in the interest of policy holders but the ICICI Actuary is designing products in the interest of company and IRDA actuary is not taking any objections. The petition will be heard soon by Chief justice Bench. Due to some technical procedure Chief Justice asked petitioner on 16 Sept 2016  to clear the procedure and mention for urgent hearing later.

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