The Supreme Court on March 13 dismissed an appeal challenging market regulator SEBI’s approval to WeWork India’s initial public offering (IPO). [Hemant Kulshrestha v. SEBI & Ors.]
A Bench of Justices PS Narasimha and Alok Aradhe refused to interfere with the Bombay High Court’s December 2025 order rejecting the petitions filed by two individuals, Hemant Kulshrestha and Vinay Bansal, against SEBI and WeWork India.
“We are not inclined to interfere with the impugned order in exercise of our jurisdiction under Article 136 of the Constitution of India,” the Court said while rejecting the appeals.
Kulshreshta had approached the High Court alleging non-disclosure of pending PMLA proceedings, suppression of complaints and disputes, and misrepresentation of the Indian entity’s relationship with the global WeWork brand.
The petitions also contended that investors cannot be expected to unearth omissions.
The High Court rejected the plea after finding that no case for judicial interference with SEBI’s approval was made out. The High Court also imposed costs of ₹1 lakh on Bansal for suppressing material facts, including WeWork India’s responses to his complaints.
This led to the appeal before the top court.
Senior Advocate Mukul Rohatgi, appearing for Kulshreshta, reiterated before the Supreme Court that WeWork India’s IPO documents had not disclosed significant criminal proceedings against its promoters.
Senior Advocate Darius Khambata, for WeWork India, relied on SEBI’s detailed review, submitting that the regulator had vetted the draft red herring prospectus and ensured that key enforcement risks were prominently disclosed.
After hearing the counsel, the apex court proceeded to dismiss the appeal.
With the Supreme Court’s refusal to interfere, the last remaining challenge to WeWork India’s IPO now stands closed.
Senior Advocate Ritin Rai, Advocates Ravitej Chilumuri, Aishwarya Singh, Sanya Gandhi briefed by Khaitan & Co appeared for book running lead managers.
Besides Mukul Rohatgi advocates Sanchit Singh, Sarthak Gupta, Kaustubh Khanna and Shraddha Deshmukh, appeared for Kulshrestha.
Darius Khambata with advocates Shruti Sabharwal, Anant Narayan Misra, and SS Shroff appeared for WeWork India.
[Read Order]