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The Securities Appellate Tribunal (SAT) has adjourned the hearing in the Vaswani Industries IPO case to Wednesday, August 17.
On Monday, August 8, SAT had asked both 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 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.
SEBI had directed stock exchanges on May 19 to withhold the listing of Vaswani Industries following complaints of irregularities in subscription especially huge withdrawals and rejections after IPO closure.
With SEBI asking stock exchanges to withhold the listing, the 10 week norm (the maximum time limit from the date of closure of an issue to listing) has been exceeded and no listing is possible under the existing prospectus.
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