Non-disclosure of rejection of forest clearance by MoEF on application for iron mining was material for IPO: SAT

COMPANY LAW: Where in connection with proposed public issue, appellant filed prospectus with SEBI and it did not disclose in said prospectus that its proposal for an iron ore mining project was rejected by Ministry of Environment and Forests (MoEF), in view of fact that said mining project was critical for appellant as iron ore at competitive rates and in required quantity would be available seamlessly only from this project, it was a material information to be disclosed in IPO prospectus

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