The Supreme Court has dismissed a petition filed by Infrastructure Watchdog, a non-governmental organisation, challenging the initial public offering (IPO) of Smartworks Coworking Spaces Limited.
A bench comprising Justices P.S. Narasimha and A.S. Chandurkar upheld the July 16 order of the Securities Appellate Tribunal (SAT), Mumbai, which had rejected the NGO’s plea for a stay on the IPO.
“We are not inclined to interfere with the impugned order passed by the Securities Appellate Tribunal, Mumbai. The civil appeal is, accordingly, dismissed,” the apex court observed in its order dated August 25.
The NGO had alleged irregularities in the disclosures made by Smartworks in its IPO documents. However, the SAT had ruled that the Securities and Exchange Board of India (SEBI) had already carried out a detailed review and confirmed that the company’s declarations and filings were in compliance with the regulatory requirements.
With the Supreme Court’s decision, the SAT’s findings stand affirmed, clearing the way for Smartworks to proceed with its IPO.
