Former Lakshya Promoter Moves SAT Against SEBI's Approval Of Learnfluence Education IPO

Former Learnfluence Education Limited promoter Adheesh Damodaran has approached the Securities Appellate Tribunal challenging the Securities and Exchange Board of India's approval of the company's proposed Initial Public Offering (IPO). Learnfluence Education Limited operates the Lakshya Indian Institute of Commerce coaching platform.

The appeal came up before a Bench comprising Presiding Officer Justice P.S. Dinesh Kumar and Technical Members Meera Swarup and Dr. Dheeraj Bhatnagar.

After hearing the matter briefly, the tribunal posted it to July 23, 2026, for hearing and for SEBI to obtain instructions.

The appeal comes after the Kerala High Court declined to stay the proposed IPO, holding that Damodaran had an efficacious alternative remedy under Section 15T of the SEBI Act before the SAT. 

Damodaran had earlier approached the High Court alleging that shares originally held by him had been fraudulently transferred and that the company was proceeding with the IPO on the basis of a disputed shareholding structure. He had also relied on an ongoing police investigation into the alleged fraudulent transfer of shares.

The High Court, however, declined to interfere with the IPO process. Taking note of SEBI's order dated March 11, 2026, approving the IPO, the Court held that the challenge must be pursued before the SAT. It accordingly granted Damodaran liberty to approach the Tribunal.

Pursuant to the liberty granted by the High Court, Damodaran has filed the present appeal before the SAT.

For Appellant: Aretha Legal