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Hi Yogesh,
Nobody messed up anything, the system is flawed, thats it.
Nobody guarantees you shares even if you bid at cut-off becathe shared are allotted in price priority. In this case though the cut off was 254.10 (am not sure the exact value) there were many retail investors (not actually retail investors but brokers who used retail accounts to garner the 5% discount) who had placed bids at very high prices to get confirm allotment.


From Icici direct,
"In PFC OFS, Allocation Methodology is Price Priority i.e. retail customer who have bid at higher price will get preference in allotment, they would get shares at the bidded price less 5% discount. So if a retail customer bids at 256 and another at 255 (and assuming cut off price discovered is also at 255), customer bidding at 256 will get preference in allotment and he will get discount of 5% on Rs 256."