https://www.taxtmi.com/caselaws?id=103399 Full disclosure in issue documents defeated the allegation that a public share issue was misleading merely because the bank had reported losses and priced shares at a premium. The offer material disclosed the losses, risk factors, pending proceedings, market-price uncertainty, and capital restructuring; the losses were explained by prudential accounting norms and provisioning, while operating profits were shown. Regulatory approvals for the issue, premium, restructuring, and listing were also on record, so the challenge for want of approval failed. The Court treated premium fixation, accounting treatment, and related financial matters as lying within specialist regulatory expertise and declined to infer fraud or illegality absent abuse of power. en-us Sat, 01 Mar 1997 00:00:00 +0530 Wed, 22 Feb 2012 16:40:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=103399 Full disclosure in issue documents defeated the allegation that a public share issue was misleading merely because the bank had reported losses and priced shares at a premium. The offer material disclosed the losses, risk factors, pending proceedings, market-price uncertainty, and capital restructuring; the losses were explained by prudential accounting norms and provisioning, while operating profits were shown. Regulatory approvals for the issue, premium, restructuring, and listing were also on record, so the challenge for want of approval failed. The Court treated premium fixation, accounting treatment, and related financial matters as lying within specialist regulatory expertise and declined to infer fraud or illegality absent abuse of power. Case-Laws Companies Law Sat, 01 Mar 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=103399