132-CWP-15421-2026 -1- IN THE HIGH COURT OF PUNJAB & HARYANA AT CHANDIGARH CWP-15421-2026 Date of decision: 09.07.2026 Arpan Gupta and another ….Petitioners. Versus Securities and Exchange Board of India and others ....Respondents. CORAM: HON’BLE MR. JUSTICE JASGURPREET SINGH PURI HON’BLE MR. JUSTICE SANJIV BERRY Present:- Mr. Ajaivir Singh, Advocate, and Mr. Tanvir Singh Narang, Advocate, for the petitioners. Mr. Manish Jain, Sr. Advocate with Mr. Siddhant Jain, Advocate, Mr. Manan Jain, Advocate, Mr. Bharat M. Goyal, Advocate, for respondent No. 1-SEBI. Mr. Gandharv Garg, Advocate (through VC) for respondent No. 3-NSE. ..… JASGURPREET SINGH PURI, J. (Oral) The present writ petition has been filed under Articles 226/227 of the Constitution of India seeking issuance of a writ of Mandamus directing Respondent No. 1–SEBI to consider and decide the complaint filed by the petitioners dated 03.11.2025 (Annexure P-20) on the Securities and Exchange Board of India (SEBI) Market Intelligence (MI) Portal, to initiate appropriate enforcement proceedings against the Board of Directors of Respondent No. 2–Liberty Shoes Limited for the alleged violation of Regulation 31A of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and PREETI 2026.07.14 14:11 I attest to the accuracy and integrity of this document 132-CWP-15421-2026 -2- to direct Respondent No. 2 to process the reclassification requests of the petitioners dated 23.03.2024 in accordance with law, along with any other appropriate relief deemed fit by this Court. 2. Learned counsel for the petitioners submitted that limited prayer in the present petition is for issuing direction to respondent No. 1/SEBI to consider the complaint filed by the petitioners dated 03.11.2025 (Annexure P-20) and subsequent reminders thereof. 2. Learned counsel appearing for respondent No. 3, through VC, submits that NSE/respondent No. 3 has no role to play in this matter. 3. At this stage, Mr. Manish Jain, Senior Advocate, assisted by Mr. Siddhant Jain, Advocate, appearing on behalf of respondent No. 1/SEBI, submitted that respondent No. 1/SEBI will consider the aforesaid complaint dated 03.11.2025 (Annexure P-20), which is already under process, and that further process shall be initiated in accordance with law. 4. In view of above statement made by learned Senior counsel appearing for respondent No.1/SEBI, this petition stands disposed of. (JASGURPREET SINGH PURI) JUDGE (SANJIV BERRY) 09.07.2026 JUDGE preeti i) Whether speaking/reasoned? Yes/No ii) Whether reportable? Yes/No PREETI 2026.07.14 14:11 I attest to the accuracy and integrity of this document