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Informist, Wednesday, Aug. 26, 2026

 

NEW DELHI – The Delhi High Court has rejected a public interest litigation seeking a Central Bureau of Investigation probe into IFCI Ltd. divesting its shareholding in the National Stock Exchange to DVI Fund (Mauritius) Ltd. and Soach Global Opportunities Fund in 2015-16 (Apr-Mar). The petitioner, Parinay Sharma, alleged that IFCI sold its shares at a lower value to DVI Fund and Soach Global.

 

The court said the petitioner had filed a similar plea before the Bombay High Court and had not disclosed it. It is well settled that a person invoking the writ jurisdiction of the court must approach it with clean hands and must make a full and fair disclosure of all material facts, the court said. Suppression of a material fact, or the making of an incorrect statement on oath, disentitles such litigant to relief at the threshold, irrespective of the merits of the underlying cause, it said.  

 

The bench of Chief Justice Tejas Karia and Justice Devendra Kumar Upadhyaya said it could not accept that the public interest litigation was instituted bona fide or in the public interest. The petitioner has abused the process of law by instituting the present petition on the basis of a stale news report of 2015, while suppressing the prior Bombay High Court petition concerning substantially the same issues as those raised herein, it said.  

 

"Having regard to the suppression of material facts, we are satisfied that the petitioner has approached this court with unclean hands and has indulged in forum shopping," the court said. To deter such conduct and preserve the sanctity of proceedings instituted in the public interest, the court deemed it just and proper to impose an exemplary fine of INR 500,000 on Parinay Sharma. 

 

Sharma sought directions to the Securities and Exchange Board of India and the National Stock Exchange, requiring them to direct DVI Fund, Soach Global, and other similarly placed entities to disclose their complete chain of ownership and control through to their ultimate beneficial owners. The petitioner also sought details of the source of funds of DVI Fund and Soach Global; an order restraining them from participating in NSE's proposed offer for sale or transferring the disputed shareholding pending disclosure and an inquiry; the deposit of any transfer proceeds in an interest-bearing escrow account in India; and SEBI's examination of the transfers. 

 

IFCI, which held 2.5 million equity shares of NSE, constituting 5.55% of its paid-up capital, divested 1.13 million equity shares in four tranches in favour of DVI Fund, Soach Global and two undisclosed transferees in 2015-16. The petitioner said NSE's shares were valued at less than their current market value. 

 

Wednesday, IFCI's shares ended 2.6% higher at INR 85.44 on the National Stock Exchange.  End

 

Reported by Surya Tripathi

Edited by Saji George Titus

 

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