Securities And Exchange Board Of India vs Mahendra A. Shah

ik-160856740 Bombay High Court 24 December 2025 • 38 min read

Judges (1)

Counsel (9)

ANP Chambers Firm Chetan Kapadia Counsel Appellant Kaevaan Setalwad Counsel Respondent Payal Upadhyay Counsel Respondent Sabiha Ansari Counsel Appellant Sarosh Bharucha Counsel Respondent Tanvi Rane Counsel Appellant Vidisha Rohira Counsel Appellant Vinit A. Kulkarni Counsel Respondent

Parties (2)

Securities and Exchange Board of India Appellant Mahendra Shah Respondent

Case Significance

Securities And Exchange Board Of India vs Mahendra A. Shah is a Bombay High Court decision dated December 24, 2025 (citation: ik-160856740). SEBI appealed the Special Court's order reducing the interest rate from 12% to 6% per annum on a compounding penalty of Rs 54 lakh for an offence under Section 24(2) of the SEBI Act. The court partly allowed the appeal, directing that interest be calculated at the rate specified in the adjudication order (12% p.a.) from the date of the adjudication order until 17 July 2013 and at 1% per month thereafter. The discharge order was set aside pending payment of the differential interest amount by The case was heard by Justice Sandeep V. Marne.

Summary

SEBI appealed the Special Court's order reducing the interest rate from 12% to 6% per annum on a compounding penalty of Rs 54 lakh for an offence under Section 24(2) of the SEBI Act. The court partly allowed the appeal, directing that interest be calculated at the rate specified in the adjudication order (12% p.a.) from the date of the adjudication order until 17 July 2013 and at 1% per month thereafter. The discharge order was set aside pending payment of the differential interest amount by the respondent.

What was the outcome of Securities And Exchange Board Of India vs Mahendra A. Shah?

Judgment

Read the full judgment on the official India Courts portal.

Read on Indian Kanoon

Source: Indian Kanoon (ik-160856740)