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Failure to disclose non-material info in prospectus can't be treated as violation of ICDR norms: SAT

March 7, 2017[2017] 78 taxmann.com 329 (SAT - Mumbai)
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SEBI : Where company 'CARE' had not permitted non-resident investors covered under Schedule 1 to FEM (Transfer or Issue of Security by a Person Resident Outside India) Regulations, 2000 to participate in IPO, non-disclosure of information relating to compliance of minimum capitalization norms applicable to non-resident investors covered under Schedule 1 by CARE could not be said to be failure to disclose material information in RHP for violation of ICDR Regulations and Merchant Bankers Regulations by appellants who were BRLMs on behalf of CARE

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