SECURITIES AND EXCHANGE BOARD OF INDIA vs MAHENDRA A. SHAH

Neeta Sawant ALP 92 of 2024.docx IN THE HIGH COURT OF JUDICATURE AT BOMBAY CRIMINAL APPELLATE JURISDICTION APPLICATION FOR LEAVE TO APPEAL (PVT) NO. 92 OF 2024 Securities and Exchange Board of India …..APPLICANT : VERSUS : Mahendra Shah and Anr. …RESPONDENTS Mr. Chetan Kapadia, Senior Advocate with Ms. Sabiha Ansari, Ms. Tanvi Rane and Ms. Vidisha Rohira for the Applicant. Mr. Sarosh Bharucha with Mr. Kaevaan Setalwad and Ms. Payal Upadhyay i/b M/s. ANP Chambers for the Respondent. Mr. Vinit A. Kulkarni, APP for Respondent/State. Umar Arya, Officer SEBI present in Court. Sharika KG, DGM SEBI present in Court. 2025. 2025.12.24 20:11:52 +0530 JUDGMENT PRON. ON : 24 DECEMBER 2025. JUDGMENT : 1) This is an Appeal preferred by the Securities and Exchange Board of India (SEBI) allowing the Compounding Application and discharging the Respondent of the offence punishable under Section 24(2) of the Securities and Exchange Board of India Act, 1992 (SEBI Act). The Special Court has allowed the application preferred by the Respondent for _____________________________________________________________________________ PAGE NO. 1 of 28 24 DECEMBER 2025 Neeta Sawant ALP 92 of 2024.docx compounding o