https://www.taxtmi.com/caselaws?id=195199 A merchant banker was found not to have breached due diligence by omitting Rabobank as a promoter in the offer documents, because the promoter definition was not conclusively satisfied and the draft offer document had been cleared without objection on that point. The challenge to discretionary allocation within the qualified institutional buyer category also failed, as the guidelines permitted such discretion and the criteria adopted were not shown to be arbitrary. The alleged failure to monitor post-issue application flow and allotment processes was likewise not proved, since the primary scrutiny lay with the registrar and the record showed supervisory steps by the merchant banker. The penalty and adverse findings were set aside. en-us Wed, 15 Feb 2012 00:00:00 +0530 Wed, 18 Oct 2017 17:48:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=195199 A merchant banker was found not to have breached due diligence by omitting Rabobank as a promoter in the offer documents, because the promoter definition was not conclusively satisfied and the draft offer document had been cleared without objection on that point. The challenge to discretionary allocation within the qualified institutional buyer category also failed, as the guidelines permitted such discretion and the criteria adopted were not shown to be arbitrary. The alleged failure to monitor post-issue application flow and allotment processes was likewise not proved, since the primary scrutiny lay with the registrar and the record showed supervisory steps by the merchant banker. The penalty and adverse findings were set aside. Case-Laws Companies Law Wed, 15 Feb 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=195199