Hinduja Finance was lead manager of a public-cum-rights issue of Subhash Projects & Marketing Ltd in 1995, following which an investigation had been called.

Hinduja TMT successfully argued before SAT that Hinduja Finance had been discontinued by the company for more than five years before the passing of the Sebi order. Since the end of 1997 the company has not been acting as a merchant banker or as a financial intermediary in the capital or the securities market. The company did not renew its license to carry out merchants banking activities after it expired in 1997 October, it had argued in its defence.