Ashok Dayabhai Shah & Others vs SEBI & Others on 9 September 2026

BEFORE THE SECURITIES APPELLATE TRIBUNAL

MUMBAI

Date : 09.09.2026

Appeal No. 709 of 2021

And

Misc. Application No. 776 of 2024

And

Misc. Application No. 815 of 2025

Ashok Dayabhai Shah & Ors.

….. Appellants

Versus

Securities and Exchange Board of India & Ors. … Respondents

Ms. Arti Raghavan, Advocate i/b JSA, Advocates & Solicitors for the Appellants.

i/b.

K.

Ashar

&

Co.

for

the

Mangaldas & Co. for the Respondent Nos. 2 (Bharat Nidhi Limited).

Ms.

Priyanka

Desai,

Advocate

i/b

Cyril

Amarchand

Mangaldas for the Respondent Nos. 3 (PNB Finance &

Industries Limited).

Ms.

Priyanka

Desai,

Advocate

i/b

Cyril

Amarchand

Ms.

Priyanka

Desai,

Advocate

i/b

Cyril

Amarchand

With

Appeal No. 710 of 2021

And

Misc. Application No. 1310 of 2021

Pina Pankaj Shah and Anr.

….. Appellants

Versus

Securities and Exchange Board of India & Ors.

… Respondents

i/b.

K.

Ashar

&

Co.

for

the

Mangaldas & Co. for the Respondent Nos. 2 (Bharat Nidhi).

Ms.

Priyanka

Desai,

Advocate

i/b

Cyril

Amarchand

Mangaldas for the Respondent Nos. 3 (PNB Finance and

Industries Limited).

Ms.

Priyanka

Desai,

Advocate

i/b

Cyril

Amarchand

Ms.

Priyanka

Desai,

Advocate

i/b

Cyril

Amarchand

With

Appeal No. 711 of 2021

BRICS Securities Ltd.

….. Appellant

Versus

Securities and Exchange Board of India &

Ors.

… Respondents

Ms. Vidhi Mehta, Advocate i/b. Mr. Aagam Doshi, Advocate for the Appellant.

i/b.

K.

Ashar

&

Co.

for

the

Respondent Nos. 1 (SEBI).

Mr.

Harit

Lakhani,

Advocate

with Mr.

Ansh

Kumar,

Ms. Anushka Bhardwaj, Advocates i/b Shardul Amarchand

Mangaldas & Co. for the Respondent Nos. 2 (Bharat Nidhi).

Ms.

Priyanka

Desai,

Advocate

i/b

Cyril

Amarchand

Mangaldas for the Respondent Nos. 3 (PNB Finance and

Industries Limited).

Ms.

Priyanka

Desai,

Advocate

i/b

Cyril

Amarchand

Mr.

Harit

Lakhani,

Advocate

with Mr.

Ansh

Kumar,

Ms. Priyanka Desai, Advocate with i/b Cyril Amarchand

With

Appeal No. 862 of 2022

And

Misc. Application No. 1267 of 2022

And

Misc. Application No. 140 of 2023

And

Misc. Application No. 465 of 2023

Mukta Agarwal & Anr.

…. Appellants

Versus

Securities and Exchange Board of India

& Ors.

…Respondents

Ms. Vidhi Mehta, Advocate i/b Mr. Aagam Doshi, Advocate for the Appellants.

i/b.

K.

Ashar

&

Co.

for

the

Ms. Anushka Bhardwaj, Advocates for the Respondent Nos. 3 (Bharat Nidhi Ltd.).

None for the Respondent Nos. 4 (Ashoka Marketing).

Ms.

Priyanka

Desai,

Advocate

i/b

Cyril

Amarchand

Mangaldas for the Respondent Nos. 5 (Ashoka Viniyoga Limited).