Bombay High Court Rejects Challenge to SEBI’s Approval of WeWork India IPO

The Bombay High Court dismissed petitions challenging the SEBI’s approval of WeWork India’s IPO. 

The petitioner alleged that SEBI ignored disclosure lapses in the company’s draft red herring prospectus,  including non-disclosure of pending criminal proceedings under the PMLA, accumulated losses, and a negative net worth despite projecting inflated growth, inadequate risk disclosures, and misrepresentation of WeWork India’s association with the global "WeWork" brand.

Finding no merit in the challenge, the Court dismissed the petition and imposed costs of ₹1 lakh on the petitioner.

An accompanying petition filed by another investor was also dismissed without costs. 

[Vinay Bansal v. Securities Exchange Board of India]