Rikhav Brokers Pvt. Ltd. (Now 4G IT Solutions (India) Pvt. Ltd.)

SAT-appeal

• IPO bids for Vaswani Industries Ltd alleged not bona fide, made without sufficient funds to artificially inflate bid book at highest price and create misleading appearance of demand.
  Impugned AO order set aside qua appellants and matter restored to AO for fresh order on merits in accordance with law · AO to consider additional documents and pass order after giving opportunity of hearing to appellants
  Appeal: Appeal Nos. 240 and 241 of 2014 disposed on 10/08/2016 by remand to AO for fresh adjudication
• Bidding in IPO of Vaswani Industries Ltd without sufficient funds to artificially inflate bid book and create misleading appearance of bidding.
  Impugned AO order set aside qua appellants and matter remanded to AO for fresh order on merits · Appellants may file additional documents before AO and AO to consider them after hearing
  Appeal: Appeal No.240 of 2014 and Appeal No.241 of 2014 disposed on 10 August 2016 by remand to AO