Over three-and-a-half years after receiving draft papers for the proposed initial public offer (IPO) of Sahara Prime City Ltd., the Securities and Exchange Board of India (SEBI) has formally closed the file as the company failed to submit clarifications sought by the market regulator.

SEBI closed file on the Rs.3,450-crore IPO proposal last week without any go-ahead for the public issue, after various clarifications sought from merchant bankers for the share sale remained pending for months together. SEBI had received the draft prospectus for the IPO on September 30, 2009, through merchant banker, Enam Securities Pvt. Ltd. — PTI

Keywords: SEBIIPO proposal

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