Prateek applied in the IPO of Maxgrow Ltd. for 100 Equity Shares. He was not eligible to get any shares according to the allotment schedule and also has not received the refund amount within the time stipulated under the

CS Executive · Securities Laws and Capital Markets · PYQS · December 2018
Prateek applied in the IPO of Maxgrow Ltd. for 100 Equity Shares. He was not eligible to get any shares according to the allotment schedule and also has not received the refund amount within the time stipulated under the Companies Act, 2013. Prateek approached the Company through written representation on January 10, 2018. The company neither replied nor processed the refund claim. In the light of the SEBI Regulations, answer the following: Whether Prateek can hire services of a legal practitioner to plead his case before Ombudsman ?

Answer & Explanation:

As per regulation 19 (3) of the SEBI (Ombudsman) Regulations, 2003, no legal practitioner shall be permitted to represent the defendants or respondents at the proceedings before the Ombudsman except where a legal practitioner has been permitted to represent the complainants by the Ombudsman. In this given case, as Prateek is the petitioner, hence he can hire the services of the legal practitioner.

Topics: SEBI (Ombudsman) Regulations, 2003

Open in Interactive Practice Hub · Full Practice Hub · Chapter Weightage · More in this subject

Related Questions in this Topic