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The Securities Appellate Tribunal (SAT) has dismissed an appeal seeking a stay on the IPO of coworking space major Smartworks, whose shares are expected to list on the bourses tomorrow.
In the hearing today, SAT dismissed the appeal filed by NGO Infrastructure Watchdog against the coworking space provider, its promoters, SEBI, among others, due to lack of merit.
Yesterday, the Tribunal had directed both the parties to make their submissions by the end of day. The final order is yet to be released.
For context, Infrastructure Watchdog filed an appeal on July 8 against Smartworks, alleging that it was under an investigation by the Income Tax department, received funds from shell companies and some amounts through benami transactions, and more.
The appeal was filed on the grounds of alleged inaction by SEBI in relation to certain complaints filed by the NGO against Smartworks. Infrastructure Watchdog had urged SAT to direct SEBI to initiate investigation in the affairs of Smartworks, and restrain it from proceeding with the IPO till the completion of the investigation, and an interim order maintaining status quo on Smartworks’ public offering.
Smartworks had rubbished all the allegations. The company is yet to release an official statement on the case dismissal. Its IPO closed on Monday (July 14) with an oversubscription of 13.45X, receiving bids for 13.9 Cr shares as against 1.04 Cr shares on offer.
(The story will be updated soon)
The post SAT Dismisses Plea Seeking Stay On Smartworks IPO appeared first on Inc42 Media.
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