Supreme Court Upholds SAT Decision on Smartworks IPO Challenge

The Supreme Court has dismissed a petition filed by the non-governmental organization Infrastructure Watchdog against the Securities and Exchange Board of India (Sebi), regarding the initial public offering of Smartworks Coworking Spaces Limited.

A bench comprising Justices P S Narasimha and A S Chandurkar supported the earlier decision of the Securities Appellate Tribunal (SAT), Mumbai, which had been challenged in this appeal.

In their order dated August 25, the bench stated they found no reason to interfere with SAT Mumbai's decision from July 16, which had denied the NGO's request for a stay on the Smartworks IPO, confirming Sebi's comprehensive approval of Smartworks' documents.

(With inputs from agencies.)