Aarti industries Limited listed at BSE on 4th June 1992 without SEBI and govt of India Compliance which is mandatory under law .
RTI was filed before Department of Economic affairs to get aarti industries IPO details . It got transferred to SEBI by DOE under section 6(3) of RTI act 2005.As per RTI reply from SEBI , they do not have record regarding copy of NOC, observation letter, lender NOC of Aarti Industries IPO . As per rule of law prior to SEBI formation the permission from controller under Capital issue control act 1947 was mandatory . After SEBI formation the CIC act 1947 was repealed . The company launched IPO at BSE without the permission from regulator and BSE supported this fraud act.
The issue highlighted when the complaint was registered against Aarti Surfactant Ltd (ASL)IPO approval . Aarti industries limited replied that the aarti surfactants ltd shares was floated under demerger of home and personal care business without SEBI approval . Aarti industries failed to show SEBI NOC for ASL demerger. In the RTI reply SEBI said that it got listing under direct listing procedure and have no record of demerger approval . Complaint is registered against Aarti Industries LTD with SEBI for action under section 15 HA of SEBI act 1992 . This section attract 3 times penalties of profit for this fraud act . If SEBI did not take action then compliant can be filed with SEBI Special court at Mumbai CST for appointment of adjudication officer for holding enquiry.