The Delhi High Court on Friday declined to hear a 19-year-old’s plea against the hasty manner in which IPOs are passed, observing that it is “a blackmail-type petition and asked if it had been filed to harass certain businesses and “at whose behest”.
The issues raised in the petition involve fine technicalities that are governed by special laws and probably should not concern such a young petitioner, a chairman of Chief Justice DN Patel said.
How are initial public offerings decided upon? How many types of ownership are there? … When you (the applicant’s lawyer) don’t know, how will a 19 year old boy know? asked the judiciary also including Judge Jyoti Singh.
The applicant’s lawyer claimed that the boy was a retail investor who was looking for a framework to ensure the proper functioning of the securities market.
To whom is the request filed? You should have gone to the government. You have to bring the affected party (to court). A 19 year old boy filing a petition. If we call him for cross-examination (since) the case is filed under oath, he may not know a, b, c, the court noted.
The petitioner’s lawyer unconditionally withdrew his plea after the court asked him to either approach the government through representation or dismiss the petition.
I would have checked all bank details (to find out if money was received from someone to file the plea). It’s good that you pulled out, the court said.
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