Jinesh Narottamdas Mehta & Another vs Securities and Exchange Board of India on 9 October 2026

ORDER:

Heard Mr. Kunal Katariya, learned Advocate for the appellant and Ms. Prachi Pandya, learned Advocate for the respondent.

2. The application for exemption is allowed. Misc. Application No. 929 of 2026 is disposed of.

3. Admitted position is, appellant is a Chartered Accountant who advises in the capital market.

4. It is alleged that (i) he was involved in drafting the prospectus of the Company which contained incorrect statements; and (ii) that money was siphoned off by the listed company which raised the funds eight months after listing.

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5. Mr. Kunal Kataria, learned Advocate for the appellant submitted that appellant’s mandate came to end simultaneously with listing of the Company.

6. To a pointed query, learned Advocate for the respondent conceded that the appellant had not signed the prospectus and that money was siphoned off after eight months.

7. Admit.

8. Respondent is granted six week to file reply and three weeks thereafter to the appellant to file rejoinder.

9. In view of admitted position that appellant is not a signatory to the prospectus and siphoning of money has taken place 8 months after listing, the impugned order shall remain stayed.

10. Call on 14.01.2027.

Justice P.S. Dinesh Kumar Presiding Officer

Ms. Meera Swarup Technical Member

Dr. Dheeraj Bhatnagar Technical Member 09.10.2026 msb MADHUKAR BHALBAR Digitally signed by MADHUKAR BHALBAR Date: 2026.10.13 10:33:58 +05'30'