SC Dismisses Plea Against Smartworks IPO

New Delhi, Aug 29 (PTI) The Supreme Court has dismissed a plea filed by Infrastructure Watchdog, an NGO, against the Securities and Exchange Board of India (Sebi) in connection with the initial public offering of Smartworks Coworking Spaces Limited.

A bench of Justices P S Narasimha and A S Chandurkar upheld the order passed by the Securities Appellate Tribunal, Mumbai.


"Heard the senior counsel appearing for the parties at length. We are not inclined to interfere with the impugned order passed by the Securities Appellate Tribunal, Mumbai. The civil appeal is, accordingly, dismissed," the bench said in its order dated August 25.

The top court was hearing a plea filed by the NGO challenging the July 16 order of SAT Mumbai, which dismissed its plea seeking a stay on the Smartworks IPO.

The SAT in its order said that markets regulator Sebi conducted a detailed review and confirmed that the declaration and documents of Smartworks were in order.