Supreme Court
Anil Ambani Moves Supreme Court Against Bombay HC Order Allowing Banks To Continue Fraud Classification Proceedings
Industrialist Anil D. Ambani has moved the Supreme Court challenging the Bombay High Court's February 23 judgment that allowed public sector banks to proceed against him on the basis of a 2020 forensic audit report linked to alleged irregularities in loans taken by Reliance Communications group companies.The special leave petition challenges the Division Bench order, which set aside an earlier interim relief granted to Ambani and permitted Bank of Baroda, IDBI Bank, and Indian Overseas Bank to...
Supreme Court Dismisses Riddhi Siddhi Appeal Against SAT Order In SEBI Delisting, MPS Norm Violations Case
The Supreme Court recently dismissed appeals filed by Riddhi Siddhi Gluco Biols Limited against the Securities Appellate Tribunal's order upholding SEBI's findings of violation of minimum public shareholding norms, non-disclosure of promoter group entities, and fraudulent trading in the company's scrip during a proposed delisting process, holding that no substantial question of law arises for consideration.A division bench of Justice Sanjay Kumar and Justice K. Vinod Chandran refused to...
Diversion Of Preferential Issue Funds For Undisclosed Purpose Amounts To Fraud Under PFUTP Regulations: Supreme Court
The Supreme Court on Tuesday held that diversion of funds raised through a preferential issue for purposes not disclosed in the notice of the Extraordinary General Meeting (EoGM) convened to approve the allotment amounts to a violation of securities law and constitutes fraudulent conduct under the SEBI (Prohibition of Fraudulent and Unfair Trade Practices) Regulations (PFUTP). A bench of Justices J.B. Pardiwala and K.V. Viswanathan made the ruling while allowing appeals filed by the Securities...
Supreme Court Refuses To Interfere With Bombay High Court Order Dismissing Plea Against WeWork India IPO
The Supreme Court recently refused to interfere with the Bombay High Court's decision dismissing a challenge to the Initial Public Offering (IPO) of WeWork India Management Pvt Ltd.A Bench comprising Justice Pamidighantam Sri Narasimha and Justice Alok Aradhe dismissed a Special Leave Petition filed by Hemant Kulshrestha, who had alleged deficiencies in disclosures in the offer documents relating to WeWork India IPO.The petition arose from a judgment dated 1 December 2025 of the Bombay High...
Shareholder Ratification Cannot Wipe Out Liability For Violation Of SEBI Regulations: Supreme Court
The Supreme Court on Tuesday observed that violations of SEBI regulations cannot be nullified through shareholder ratification, observing that regulatory breaches affecting multiple stakeholders must face statutory consequences.A bench of Justices J.B. Pardiwala and K.V. Viswanathan while setting aside the order dated June 2, 2022 passed by the Securities Appellate Tribunal, which had set aside penalties imposed by SEBI on Terrascope Ventures Ltd and its directors.“SEBI's Regulations...
Supreme Court Allows Avadhut Sathe Trading Academy To Withdraw ₹2.25 Crore Monthly For Operational Expenses In SEBI Case
The top court, however, refused to interfere with the Securities Appellate Tribunal’s order dated January 22, 2026, directing the academy to deposit ₹100 crore in the proceedings initiated by SEBI over alleged unregistered investment advisory activities.
Supreme Court Directs SEBI Recovery Officers To Decide 106 PACL Property Attachment Objections
The Supreme Court has recently directed that 106 applications challenging the attachment of properties linked to PACL Ltd. be examined by Recovery Officers under Section 28A of the SEBI Act. A bench of Justice Pamidighantam Sri Narasimha and Justice Atul S. Chandurkar was dealing with a batch of interlocutory applications filed by individuals and companies against the recommendations of Justice Retd. R.S. Virk, who had recommended dismissal of their objections. Justice Virk had been...
CRB Mutual Fund Case: Supreme Court Rejects Former Director's Plea Against Forensic Audit Order
The Supreme Court recently refused to interfere with a Delhi High Court order directing a forensic audit and SEBI supervision of the winding up of the CRB Mutual Fund, dismissing a special leave petition filed by C.R. Bhansali, a former director of CRB Capital Markets Ltd., in the long-running proceedings arising from securities and mutual fund irregularities of the 1990s. A bench of Justices J.B. Pardiwala and K.V. Viswanathan said: “Having heard the learned counsel appearing for the parties...