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

$~ * 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 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 Jud