2009 (12) TMI 1068

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....nt No. 6 from soliciting public money for the issue of its securities in furtherance of advertisements published by it as contained in Annexure no. 4 to this writ petition. II. issue a writ order or direction in the nature of mandamus, restraining the respondent no. 6 to proceed with its IPO in furtherance of its advertisement for the IPO as also published in Dainik Bhaskar, a copy of which is Annexure No. 4 to this writ petition. III. issue a writ order or direction in the nature of mandamus, directing the respondents no. 1 to 5 to enquire into the ownership of the title 'Dainik Bhaskar' and take appropriate action against respondent no. 6 for publishing incorrect and misleading information. IV. issue a w....

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....ed counsel for the petitioners filed a supplementary affidavit along with the copy of the order passed by the SEBI on 27.11.2009 and has also annexed the prospectus issued on 2nd December 2009. Assailing the aforesaid order and also the action of the respondent no. 6 inviting the offers, it has been contended that in the order passed by the SEBI there are certain observations which required that the conditions mentioned in the aforesaid order be first complied with before the proposed issue can open for subscription within a period of twelve months from the date of issuance of this observation letter, but the said observations having not been carried through, in their letter and spirit, the proposed issue cannot allowed to be opened. ....

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....owed that the proposed issue is to be opened as permitted by the SEBI and other Regulatory Authorities / Bodies. Though arguments have been advanced at length in support of their respective claims by both the parties, but we find force in the argument of Sri Krishna Mani that if the petitioners feel that there is some information which has not been given to SEBI or any relevant factors have not been considered by SEBI or the clearance given by SEBI requires any scrutiny, the petitioners ought to have approached the SEBI instead of coming to the High Court straightaway with a prayer for issuing a writ in the nature of mandamus. Sri Krishna Mani also urged that if the petitioners can be deemed to be aggrieved persons against the order p....