Wadhwani Enterprises Limited, an unlisted company, has decided to bring an initial public offer and filed a draft offer document with SEBI. The company is not able to correctly interpret a circular issued by SEBI. The ma

CS Executive · Securities Laws and Capital Markets · PYQS · June 2021
Wadhwani Enterprises Limited, an unlisted company, has decided to bring an initial public offer and filed a draft offer document with SEBI. The company is not able to correctly interpret a circular issued by SEBI. The managing director of the Company wants to seek informal guidance under SEBI Informal Guidance Scheme. Ramesh, director of the company is of a view that since the company is not yet listed so company cannot seek informal guidance from SEBI. Being a company secretary, advise on the following matters: What are the matters on which informal guidance cannot be sought ?

Answer & Explanation:

With respect to following matter informal guidance cannot be sought: Those which are general and those which do not completely and sufficiently describe the factual situation; Those which involve hypothetical situations; Those requests in which the requestor has no direct or proximate interest; Where the applicable legal provisions are not cited; Where a no-action or interpretive letter has already been issued by that or any other Department on a substantially similar question involving substantially similar facts, as to which the request relates; Those cases in which investigation, enquiry or other enforcement action has already been initiated; Those cases where connected issues are pending before any Tribunal or Court and on issues which are subjudice; and Those cases where policy concerns require that the Department does not respond.

Topics: SEBI (Informal Guidance) Scheme

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