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Court upholds SEBI’s regulatory oversight; says disclosures were adequate and investor interest strong.

Bombay High Court Dismisses Pleas Against WeWork India IPO, Imposes ₹1 Lakh Cost.                                                                                                                              

The Bombay High Court has dismissed two petitions filed by Vinay Bansal and Hemant Kulshrestha seeking to block WeWork India’s IPO, ending a last-minute attempt to halt the company’s market debut. A Division Bench of Justices R.I. Chagla and Farhan Parvez Dubash imposed a ₹1 lakh cost on petitioner Bansal, directing payment to the Maharashtra State Legal Services Authority within two weeks. The petitioners argued that SEBI erred in clearing the IPO, citing WeWork India’s losses, negative net worth, criminal proceedings against promoters, and the 100% offer-for-sale structure. However, SEBI’s counsel maintained that the regulator had exercised proper oversight and mandated clear listing of risks. WeWork India’s lawyers confirmed full compliance with disclosure norms under ICDR Regulations. The Court agreed, noting that investor interest — including oversubscription from anchor and institutional buyers — indicated confidence in the disclosed information. The detailed written order is awaited.