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Informist, Monday, Mar. 16, 2026

 

NEW DELHI – The Supreme Court has rejected appeals by retail investors Hemant Kulshreshta and Vinay Bansal against a Bombay High Court's order that upheld WeWork India Management Ltd.'s initial public offering, which came last year. "We are not inclined to interfere with the impugned order in exercise of our jurisdiction under Article 136 of the Constitution of India. The special leave petition is, accordingly, dismissed and the accompanying interlocutory applications, if any, stand disposed of," said a bench of Justice P.S. Narasimha and Justice Alok Aradhe.

 

WeWork India's IPO was subscribed 1.15 times and shares were listed on the bourses on Oct. 10 at INR 650, marginally higher than its issue price of INR 648 per share. Monday, WeWork India's shares ended at INR 455.05, down 2.3% from the previous close.

 

Advocate Mukul Rohatgi, appearing for the petitioners, said that WeWork India had not disclosed criminal proceedings against the promoters in the offer documents. Advocate Darius Khambata, appearing for WeWork India, said that the Securities and Exchange Board of India had examined and approved the offer documents in its capacity as an expert regulatory authority. Neither Bansal nor Kulshreshta was an investor in the initial public offering. 

 

In December, the high court imposed a fine on the petitioners and found that they had deliberately suppressed material facts, including WeWork India's detailed responses to the very complaints that formed the basis of the challenge. This information had not been disclosed even to the petitioners' counsels.

 

The high court had held that WeWork India's initial public offering was permissible under Regulation 6(2) of Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, which “entitles an issuer not satisfying Regulation 6(1) to make an IPO through the book-building process with 75% allotment to qualified institutional buyers.” It said that the disclosures regarding litigation were adequate and contained in several places in the red herring prospectus. End

 

 

Reported by Surya Tripathi

Edited by Saji George Titus

 

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