https://www.taxtmi.com/caselaws?id=113499 A merchant banker's role in the securities market does not extend to arranging a single-bank term loan, because a term loan is not a securities transaction and syndication of rupee term loans contemplates participation by multiple banks. The directions to the banking regulator and the investigative agency were therefore upheld, as the proposed loan arranging activity fell outside the legitimate merchant banker framework and warranted preliminary inquiry into suspected misconduct. The review challenge based on non-impleadment and denial of hearing also failed, because the earlier order was only for a preliminary inquiry and prior hearing was not mandatory at that stage. en-us Thu, 12 Nov 2009 00:00:00 +0530 Mon, 27 Oct 2014 15:21:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=113499 A merchant banker's role in the securities market does not extend to arranging a single-bank term loan, because a term loan is not a securities transaction and syndication of rupee term loans contemplates participation by multiple banks. The directions to the banking regulator and the investigative agency were therefore upheld, as the proposed loan arranging activity fell outside the legitimate merchant banker framework and warranted preliminary inquiry into suspected misconduct. The review challenge based on non-impleadment and denial of hearing also failed, because the earlier order was only for a preliminary inquiry and prior hearing was not mandatory at that stage. Case-Laws Companies Law Thu, 12 Nov 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=113499