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AT upheld the cancellation of the IPO due to material misstatements in the prospectus regarding software procurement. The Tribunal determined that the appellant company failed to conduct proper due diligence when selecting a vendor with questionable credentials, approving the purchase within two days without verifying the vendor's capabilities or following its own procurement policy requiring three quotes. The merchant banker also failed to conduct adequate due diligence. The Tribunal emphasized that protecting retail investors is paramount, and disclosure adequacy in public offerings cannot be compromised. The company's alternative plea to proceed with the IPO under regulatory monitoring was rejected as the disclosure was deemed non-genuine and misleading.
AT upheld the cancellation of the IPO due to material misstatements in the prospectus regarding software procurement. The Tribunal determined that the appellant company failed to conduct proper due diligence when selecting a vendor with questionable credentials, approving the purchase within two days without verifying the vendor's capabilities or following its own procurement policy requiring three quotes. The merchant banker also failed to conduct adequate due diligence. The Tribunal emphasized that protecting retail investors is paramount, and disclosure adequacy in public offerings cannot be compromised. The company's alternative plea to proceed with the IPO under regulatory monitoring was rejected as the disclosure was deemed non-genuine and misleading.
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