Supreme Court to Hear Plea Against Smartworks IPO Amid Unusual Delay in SAT Order and Ongoing Investigations

The Supreme Court will tomorrow hear a petition filed by public policy group Infrastructure Watchdog challenging the clearance granted to Smartworks Coworking's Rs 583-crore IPO.

- TDG NETWORK

The plea comes in the wake of the Securities Appellate Tribunal (SAT) dismissing the NGO's appeal against the IPO on July 16—but the tribunal's detailed judgment is yet to be uploaded to its official website, six days later, raising serious procedural concerns.

Infrastructure Watchdog had approached the SAT earlier this month, alleging that Smartworks is under active investigation by the Ministry of Corporate Affairs (MCA) and the Income Tax Department.

The petition claimed that the company's Draft Red Herring Prospectus (DRHP) failed to disclose crucial details about these ongoing probes.