Saffron Capital Advisors LM Not Done Compliance Of Uday ShivKumar Infra IPO as per SEBI Observation.....
Mumbai: Uday Shiv Kumar Infra Limited Launched Rs 66 Cr approx IPO and appointed Saffron Capital Advisors Pvt Ltd as lead Manager . As per SEBI Observation the lenders NOC is mandatory but Saffron Capital did not done compliance of this SEBI Observation and filed prospectus before ROC . The infra company has taken loans from 7-8 banks and companies but only SBI NOC was shared with applicant.
There was huge irregularties in other documents . The BSE shared in principle approval letter without signature and NSE letter was digitally sign but sign was not verified . Saffron says that the letter is received by email so no signature is required . The email is only medium of communication like post office and courier. The saffron also failed to show board of directors resolution in favour by NSE and BSE management in favour of letter issuing authority. The SEBI AGM Amruta Naik which give observation to this IPO is silent on this matter. Why she allowed IPO without complaince of section 25(4)to (9) of ICDR 2018?
The LM issued complaince certificate to board without doing all such basic compliance and AGM Amruta Naik made compromised with the rule of law. The Complaint is pending before SEBI to check the irregularties in the interest of millions of investors.
Punjab-Haryana High Court
Misra Singh vs State Of Punjab And Others on 10 January, 2013
The petitioner was an elected Sarpanch. He was removed from his office by an unsigned order, Annexure P-5. It is the significant question of law, as posed above.
Further, after giving anxious consideration to the rival contentions raised by the learned counsel for the parties and in view of the peculiar fact situation of the present case, it is unhesitatingly held that impugned order (Annexure P-5), was no order in the eyes of law because admittedly, it was not signed by the competent authority..