The Delhi High Court Friday refused to entertain a 19-year old’s plea against the “hasty manner in which IPOs are passed”, observing that ”it is a blackmailing type of petition” and asked if it was filed to “harass some companies” and ”at whose behest”.
The issues raised in the petition involve “fine niceties” which are governed by special laws and unlikely to concern such a young petitioner, said a headed by Chief Justice D N Patel.
“How are IPOs (initial public offerings) decided? How many types of shareholdings are there?… When you (counsel for petitioner) don’t know, how will a 19-year old boy know?” asked the bench also comprising Justice Jyoti Singh.
The counsel for the petitioner claimed that the boy was a retail investor who was seeking a framework to ensure proper functioning of the securities market.
“At whose behest is the petition filed? You should have gone to the government. You should bring the concerned party (before court). A boy of 19 years in filing a petition. If we call him for cross-examination (since) the matter is filed on oath, he may not be knowing a,b,c,” the court remarked.
The counsel for petitioner unconditionally withdrew the plea after the court asked him to either approach the government by way of a representation or it would dismiss the petition.
“I would have checked entire bank details (to know if money was received from someone to file the plea). Good that you withdrew,” the court stated.