Harsh Mehta vs Securities And Exchange Board Of India

ik-194949218 Bombay High Court 2 December 2024 • WRIT PETITION NO. 4844 OF 2024 • 34 min read

Judges (2)

Jitendra Jain Coram M.S. Sonak Delivered

Counsel (11)

AZB & Partners Firm Mansukhlal Hiralal & Co. Firm Abhishek Nair Counsel Respondent Aditi Bhansali Counsel Respondent Akash Jain Counsel Respondent Ashmita Goradia Counsel Petitioner Mustafa Doctor Counsel Respondent Rohan Kadam Counsel Respondent Suraj Choudhary Counsel Respondent Tejas Raghav Counsel Respondent Vijay Katariya Counsel Petitioner

Parties (4)

IndusInd International Holdings Limited Respondent Reliance Capital Ltd Respondent Securities and Exchange Board of India Respondent Harsh Mehta Petitioner

Case Significance

Harsh Mehta vs Securities And Exchange Board Of India is a Bombay High Court decision dated December 2, 2024 (citation: ik-194949218). A shareholder of Reliance Capital Ltd challenged SEBI's CIRP regulations and the NCLT's order approving a resolution plan under the Insolvency and Bankruptcy Code, contending he was not given notice before the CoC voted. The key issues were the validity of the SEBI (Disposal of Shares) regulations requiring shareholders to divest shares above the threshold post-resolution and whether the NCLT process violated principles of natural justice. The Division Bench dismissed the petition, finding no The bench comprised Justices Jitendra Jain and M.S. Sonak. The judgment was delivered by Justice M.S. Sonak.

Summary

A shareholder of Reliance Capital Ltd challenged SEBI's CIRP regulations and the NCLT's order approving a resolution plan under the Insolvency and Bankruptcy Code, contending he was not given notice before the CoC voted. The key issues were the validity of the SEBI (Disposal of Shares) regulations requiring shareholders to divest shares above the threshold post-resolution and whether the NCLT process violated principles of natural justice. The Division Bench dismissed the petition, finding no infirmity in the impugned regulations and holding that the scope of judicial review in such IBC matters is minimal as established by the Supreme Court.

What was the outcome of Harsh Mehta vs Securities And Exchange Board Of India?

A shareholder of Reliance Capital Ltd challenged SEBI's CIRP regulations and the NCLT's order approving a resolution plan under the Insolvency and Bankruptcy Code, contending he was not given notice b...

Judgment

Read the full judgment on the official India Courts portal.

Read on Indian Kanoon

Source: Indian Kanoon (ik-194949218)