Authority: Supreme Court of India
Order Date: 09-09-2026
Case Overview
- Civil Appeal No.13301/2015 filed by Subrata Bhattacharya (appellant) against Securities and Exchange Board of India & others (respondents).
- The matter involved a large number of Interlocutory Applications (I.A.s) spanning 2018‑2026, including applications for extensions, clarifications, stays, interventions, and directions.
- The Court heard the matter on 09‑09‑2026 before Hon'ble Justices Pamidighantam Sri Narasimha and Atul S. Chandurkar.
- Key issues addressed: procedural delays in disposing of Category B applications, acceptance of the Justice (Retd.) R.M. Lodha Committee’s recommendations, and the need for SEBI to file short reports on specific I.A.s.
Final Outcome
1. I.A. No.263455 of 2026 – Time to dispose of Category B applications extended by one week; application allowed.
2. The Report of Justice (Retd.) R.M. Lodha Committee dated 21‑08‑2026 was taken on record; the Court accepted all recommendations of Shri R.S. Virk as endorsed by the Committee and disposed of the listed I.A.s (322180, 322181, 322183, 322184, 322186, 322187, 322189, 322190, 322192, 322193, 322421, 322425, 323636, 323637, 323807, 323808, 227007, 213913, 139286, 139287, 139288, 143598).
3. I.A.s 148884/2026 and 149080/2026 – Directed SEBI to file a short report after verification of contents of the applications and to submit an affidavit based on the Lodha Committee’s findings.
4. I.A. No.270651 of 2026 – Application for clarification of the order dated 19‑02‑2026 allowed; the Registry instructed to list the applications as identified by learned Amici in consultation with Mr. Arjun Garg and to re‑list the matter on 08‑10‑2026 at 02:00 PM.
5. Contact details for Mr. Arjun Garg (advocate) provided for further coordination.
Topics: Securities Regulation, Court Proceedings