[ad_1]

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.

(Only the title and image of this report may have been reworked by Business Standard staff; the rest of the content is automatically generated from a syndicated feed.)

Dear reader,

Business Standard has always strived to provide up-to-date information and commentary on developments that matter to you and have broader political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering has only strengthened our resolve and commitment to these ideals. Even in these difficult times resulting from Covid-19, we remain committed to keeping you informed and updated with credible news, authoritative views and cutting edge commentary on relevant current issues.
However, we have a demand.

As we fight the economic impact of the pandemic, we need your support even more so that we can continue to provide you with more quality content. Our subscription model has received an encouraging response from many of you who have subscribed to our online content. More subscriptions to our online content can only help us achieve the goals of providing you with even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practice the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital editor

[ad_2]