Supreme Court warns NGO of prosecution in Smartworks IPO case over a disputed letter

The Supreme Court witnessed tense exchanges during Infrastructure Watchdog’s appeal against SAT’s refusal to halt Smartworks Coworking Spaces’ IPO.

Senior Advocate Narender Hooda, for the NGO, produced a letter allegedly from the MCA to SEBI on probes against the Sarda family. Opposing counsel Gopal Subramanium disputed its authenticity, citing an MCA RTI reply denying such communication, and accused the NGO of misleading the Court.

A Bench of Justices PS Narasimha and AS Chandurkar warned of prosecution if the letter proved false and asked SEBI to confirm regulatory compliance.

SAT earlier upheld Smartworks’ disclosures, rejecting the NGO’s objections to the IPO.