S.K. TANDON & ANR. vs SECURITIES AND EXCHANGE BOARD OF INDIA & ANR.

Judgment text excerpt

$~ * IN THE HIGH COURT OF DELHI AT NEW DELHI % Judgment reserved on: 17.11.2025 Judgment pronounced on: 23.01.2026 + CO.APP. 9/2025, CM APPLs.56690/2025, 56691/2025 & 68197/2025 S.K. TANDON & ANR. .....Appellants Through: Mr. Nidhesh Gupta, Senior Advocate with Mr. Aman Leekha, Mr. Ankur Chibber & Mr. Jaymut, Advocates for A-1 & 2. versus SECURITIES AND EXCHANGE BOARD OF INDIA & ANR. .....Respondents Through: Mr. Pratap Venugopal, Senior Advocate with Mr. Abhishek Baid and Mr. Praneet Das, Advocates for R-1 Mr. Avneesh Garg, Mr. Utkarsh Sharma, Ms. Iptisha, Ms. Sneha Sharma, Ms. Saloni Kapoor and Mr. Ayush Pundir, Advocates for R2 + CO.APP. 10/2025, CM APPLs. 56810/2025 & 56811/2025 C R BHANSALI & ORS. .....Appellants Through: Mr. Pinaki Misra, Senior Advocate with Mr. Rahul Sharma, Mr. Shubham Shekhar and Mr. Himanshu Singh, Advocates for A-1 versus Signature Not Verified CO.APP. 9/2025 & CO.APP. 10/2025 Page 1 of 51 Digitally Signed By:HARVINDER KAUR BHATIA Signing Date:24.01.2026 15:00:44 SECURITIES AND EXCHANGE BOARD OF INDIA & ANR. .....Respondents Through: Mr. Pratap Venugopal, Senior Advocate with Mr. Abhishek Baid and Mr. Praneet Das, Advocates for R-1 Mr. Avneesh Garg, Mr. Utkarsh Sharma, Ms. Iptisha, Ms. Sneha Sharma, Ms. Saloni Kapoor and Mr. Ayush Pundir, Advocates for R-2 CORAM: HON'BLE MR. JUSTICE ANIL KSHETARPAL HON'BLE MR. JUSTICE HARISH VAIDYANATHAN SHANKAR JUDGMENT HARISH VAIDYANATHAN SHANKAR, J. 1. With the consent of the parties, both Appeals were taken up for hearing together. As they arise out of the same proceedings and assail the same Judgment, we propose to adjudicate them by way of the present consolidated Judgment. PROLOGUE: 2. The present Appeals have been filed under Section 483 of the Companies Act, 19561, assailing Judgement dated 01.09.20