Vaswani, SEBI told to come out with workable plan

Our Bureau Mumbai | Updated on August 08, 2011

The Securities Appellate Tribunal (SAT) on Monday asked the counsels of SEBI and Vaswani Industries to come out with a workable plan within two days so that the tribunal can pass an order in the overall interest of investors, promoters and regulatory concerns.

The counsel for the company submitted that some vested interests had engineered last minute withdrawals so as to ensure that the IPO failed to go through.

The point to be noted in this case is whether SAT excludes the delay caused by the SEBI directive to the stock exchanges for the purpose of counting 10 weeks to listing.

Published on August 08, 2011

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