https://www.taxtmi.com/caselaws?id=767685 Securities Appellate Tribunal, Mumbai upheld cancellation of company's IPO due to misstatements in prospectus regarding software procurement from vendor with questionable credentials. The company failed to conduct proper due diligence, obtained quotation from entity with doubtful credentials offering Rs. 50 lakhs commission, and violated corporate governance norms. Board approved procurement within two days without verifying vendor credentials or following purchase policy requiring three quotes. Tribunal ordered refund of subscription amounts to investors and cancellation of allotted shares, emphasizing adequacy and correctness of disclosure in public offers cannot be compromised to protect public shareholders' interests. en-us Fri, 24 Jan 2025 00:00:00 +0530 Sat, 22 Mar 2025 08:34:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=767685 Securities Appellate Tribunal, Mumbai upheld cancellation of company's IPO due to misstatements in prospectus regarding software procurement from vendor with questionable credentials. The company failed to conduct proper due diligence, obtained quotation from entity with doubtful credentials offering Rs. 50 lakhs commission, and violated corporate governance norms. Board approved procurement within two days without verifying vendor credentials or following purchase policy requiring three quotes. Tribunal ordered refund of subscription amounts to investors and cancellation of allotted shares, emphasizing adequacy and correctness of disclosure in public offers cannot be compromised to protect public shareholders' interests. Case-Laws SEBI Fri, 24 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=767685