HEMANT KULSHRESTHA vs SECURITIES AND EXCHANGE BOARD OF INDIA (SEBI), THROUGH ITS CHAIRMAN

Judgment text excerpt

W.P. (L) NO. 31373 OF 2025 Hemant Vs. SEBI & Ors. IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION WRIT PETITION (L) NO. 31373 OF 2025 Hemant Kulshrestha … Petitioner V/s. Securities and Exchange Board of India (SEBI) and Ors. … Respondents WITH WRIT PETITION (L) NO. 31301 OF 2025 Vinay Bansal … Petitioner V/s. Securities and Exchange Board of India (SEBI) and Anr. … Respondents ____________________________________ Mr. Amit Desai, Mr. Venkatesh Dhond and Mr. Ashish Kamat, Senior Advocates, a/w Mr. Gopal Krishna Shenoy, Mr. Aditya Mithe, Mr. Shashwat Rai and Ms. Mrinali Dave i/b Keystone Partners for Petitioner in WPL/31373/2025. Mr. Navroz Seervai, Senior Advocate a/w Mr. Prasad Shenoy and Mr. Chinmay Babhulkar i/b Mr. Akash Menon for Petitioner in WPL/31301/2025. Mr. Shiraz Rustomjee, Senior Advocate a/w Mr. Prateek Pai, Mr. Ravishekhar Pandey and Mr. Ankit Ujjwal i/b Agama Law Associates for Respondent No.1 in both Writ Petitions. Mr. Darius Khambata, Mr. Gaurav Joshi - Senior Advocates a/w Ms. Shruthi Sabharwal, Mr. Avinash Das, Mr. Anant Mishra, Mr. Ayan Tandon and Ms. Prachi Gupta i/b Shardul Amarchand Mangaldas & Co. for Respondent No.2 in both Writ Petitions. Mr. Janak Dwarkadas, Senior Advocate a/w Mr. Ravitej Chilumuri, Ms. Aishwarya Singh and Ms. Sanya Gandhi i/b Khaitan & Co. for Respondent Nos. 3 and 7 in WPL/31373/2025. Page 1 of 51 --------------------------------- Order dated 1st December 2025 W.P. (L) NO. 31373 OF 2025 Hemant Vs. SEBI & Ors. Mr. Ravi Kadam, Senior Advocate a/w Mr. Ravitej Chilumuri, Ms. Aishwarya Singh and Ms. Sanya Gandhi i/b Khaitan & Co for Respondent Nos. 4, 5 and 6 in WPL/31373/2025. ___________________________________ CORAM : R.I. CHAGLA AND FARHAN P. DUBASH, JJ. RESERVED ON : 8TH OCTOBER 2025 PRONOUNC