Writs against IPO dismissed; IPO upheld as compliant with Regulation 6(2) ICDR, disclosures on chargesheets held adequate

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....HC dismissed the writ petitions challenging the proposed IPO of Respondent No. 2 and refused interim relief to keep the public issue or listing in abeyance. It held that the IPO complies with Regulation 6(2) of the ICDR Regulations, 2018, and that the RHP and DRHP contain adequate and material disclosures regarding chargesheets against the promoters, satisfying statutory requirements. The court rejected the contention that SEBI must apply "fit and proper" criteria, holding that ICDR Regulations are exhaustive and SEBI's role is supervisory while primary disclosure obligations lie with BRLMs. Doubts were expressed about petitioners' bona fides, and the writ petitions were dismissed on merits.....