Supreme Court
Supreme Court Sets Aside Fraud Findings, ₹447-Crore Disgorgement Order Against Reliance In RPL Futures Trading Case
The Supreme Court on Friday partly allowed Reliance Industries Limited's appeal in the Reliance Petroleum Limited (RPL) futures trading case, setting aside findings of fraud and market manipulation, quashing a ₹447.27 crore disgorgement order, and directing the refund of ₹250 crore deposited by the company. However, the Court upheld the finding that Reliance had violated disclosure requirements relating to position limits under a 2001 Securities and Exchange Board of India (SEBI) circular and...
Supreme Court Stays SEBI Dividend Default Prosecution Against Former Zylog Systems Executive Till Next Hearing
The Supreme Court on Wednesday stayed the Madras High Court's April 6, 2026 order refusing to quash criminal proceedings initiated by SEBI against Parthasarathy Srikanth, former Executive Director of Zylog Systems Ltd. The proceedings are pending before the Principal Sessions Court, Chennai, over the alleged failure to disburse Rs. 16.44 crore in declared dividends to shareholders. A Bench of Justices P.K. Mishra and N.V. Anjaria, while issuing notice, stayed further proceedings in the...
"Precious Right To First Appeal": Supreme Court Condones 1059-Day Delay In Khelo MCX Challenge To SEBI Order
The Supreme Court recently restored Khelo MCX Research Services' appeal against SEBI's order directing it to refund money collected while acting as an unregistered investment adviser, condoning a 1059-day delay in approaching the Securities Appellate Tribunal while observing that a first appeal is a “precious right.” "In view of the above, we are inclined to condone the delay in filing the appeal. This will, however, be subject to the appellant paying cost quantified at Rs. 5,00,000/- (Rupees...
Supreme Court Reserves Verdict On Kotak AMC Plea Against SAT Ruling On Essel Group-Linked Mutual Fund Investments
The Supreme Court on Thursday reserved its verdict on appeals challenging a Securities Appellate Tribunal ruling that upheld findings of regulatory violations against Kotak Mahindra Asset Management Company in Essel Group-linked mutual fund investments while setting aside disgorgement ordered by SEBI.A bench of Justices Dipankar Datta and Satish Chandra Sharma reserved the judgment after hearing the parties.SAT in its order held that Kotak AMC failed to adequately assess the financial strength...
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...
Supreme Court Upholds SAT Order Setting Aside SEBI Action Against CARE Ratings Ex-MD Rajesh Mokashi
The top court clarified that SEBI and SAT must base their findings only on evidence on record and cannot rely on external enquiry reports
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...