Ritesh Agarwal & Anr vs Securities & Exchange Board Of ...

The Supreme Court upheld the Securities and Exchange Board of India's (SEBI) order under Section 11B of the SEBI Act, directing Ritesh Polysters Ltd. and its promoters to disassociate from capital market activities for ten years due to fraudulent practices during a public issue. The Court found that the promoters had only subscribed 7.96% of the public issue and had engaged in irregularities, constituting a hoax intended to defraud investors. The appeal by Ritesh Agarwal and Deepak Agarwal, claiming they were minors at the time, was rejected, affirming the Tribunal's findings of fact as final.