https://www.taxtmi.com/caselaws?id=157592 Consent for a public issue was upheld because the Controller's decision was not shown to be arbitrary, mala fide, hurried without consideration, or taken without application of mind. The non-statutory guidelines were treated as administrative norms guiding discretion under the Act, not mandatory rules, and no material deviation from the relevant debt-equity, redemption, underwriting, listing, or issue-priority norms was established. The debenture structure and conversion terms were also held not to make the issue illusory, discriminatory, or contrary to public interest, since the security arrangement and preferential terms for the promoter and existing shareholders were commercially explained and did not amount to legal invalidity. Judicial interference was therefore refused. en-us Wed, 03 May 1989 00:00:00 +0530 Wed, 06 Aug 2014 17:01:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=157592 Consent for a public issue was upheld because the Controller's decision was not shown to be arbitrary, mala fide, hurried without consideration, or taken without application of mind. The non-statutory guidelines were treated as administrative norms guiding discretion under the Act, not mandatory rules, and no material deviation from the relevant debt-equity, redemption, underwriting, listing, or issue-priority norms was established. The debenture structure and conversion terms were also held not to make the issue illusory, discriminatory, or contrary to public interest, since the security arrangement and preferential terms for the promoter and existing shareholders were commercially explained and did not amount to legal invalidity. Judicial interference was therefore refused. Case-Laws Companies Law Wed, 03 May 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=157592