Bombay Stock Exchange - BSE, which is planning to come up with an IPO shortly, is finding itself in legal muds with two legal complications in front of it
On one hand, a contempt of court petition is filed in the high court by a Mumbai resident calling out irregularities in the BSE building, on the other hand, a legal notice has challenged the very launch of the initial public offering for BSE
The petition claims that the action for irregularities in the building of BSE has not been effectively materialized so as to let the IPO to sail through.
On the other hand, the legal notice against the IPO says the exchange cannot be allowed to go ahead with the public offer since the 2005 notification that cleared the IPO allowed two years at the most for it to be launched.
BSE has been asked not to proceed with the IPO in the current form and the notice warns it of legal proceedings if it fails to reply to the same
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