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The Madras High Court has admitted a public interest litigation challenging the ongoing ₹2,000-crore public issue of NCDs of India Infoline Finance (IIFL).
Admitting the PIL, the Court has ordered notices be sent to SEBI, Corporate Affairs Ministry, Serious Fraud Investigation Office (SFIO) and India Infoline Finance. Responses have to be filed with the High Court by March 6.
The PIL was filed by Chennai-based Rakesh Sheth, a shareholder of IIFL and IIFL Holdings, which is a parent company of IIFL.
The main contention of the petitioner was that IIFL was an associate company of IIFL Commodities, which has been considered a deviant broker in the NSEL investigations by the SFIO.
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