In a green shoe option, the company allots an additional 15% of the issue to the public shareholders

In a green shoe option, the company allots an additional 15% of the issue to the public shareholders. Based on market making thereafter, the market maker did not have the necessity to buy any shares from the market. Therefore, the company proceeded to allot the entire 15% shares to the promoters. One of the institutional shareholders alleges that this amounts to a creeping acquisition beyond the limit of 5% permitted under law and complains to SEBI to take action against the company and the investment banker. Who will SEBI find correct in the given situation?

(a) The shareholders      (b) The company and investment banker