- 1 - HC-KAR NC: 2026:KHC:23235-DB WA No. 767 of 2025 IN THE HIGH COURT OF KARNATAKA AT BENGALURU DATED THIS THE 27TH DAY OF APRIL, 2026 PRESENT THE HON'BLE MR. VIBHU BAKHRU, CHIEF JUSTICE AND THE HON'BLE MR. JUSTICE C.M. POONACHA WRIT APPEAL NO. 767 OF 2025 (GM-RES) BETWEEN: 1. SECURITIES AND EXCHANGE BOARD OF INDIA SEBI BHAVAN PLOT C4-A, G BLOCK BANDRA KURLA COMPLEX BANDRA EAST, MUMBAI BY ITS CHAIRMAN 2. THE ASSISTANT GENERAL MANAGER CORPORATION FINANCE INVESTIGATION DEPARTMENT SECURITIES AND EXCHANGE BOARD OF INDIA SEBI BHAVAN, PLOT C4-A G BLOCK, BANDRA KURLA COMPLEX, BANDRA EAST MUMBAI - 400 051 3. THE DEPUTY GENERAL MANAGER SECURITIES AND EXCHANGE BOARD OF INDIA SEBI BHAVAN, PLOT C4-A G BLOCK, BANDRA KURLA COMPLEX BANDRA EAST MUMBAI - 400 051 …APPELLANTS (BY SRI J. SAI DEEPAK, SENIOR ADVOCATE FOR SRI NITIN PRASAD, ADVOCATE) Digitally signed by SRIDEVI S Location: High Court of Karnataka - 2 - HC-KAR NC: 2026:KHC:23235-DB WA No. 767 of 2025 AND: 1. M/S NEL HOLDINGS SOUTH LIMITED SOUTH LIMITED FORMERLY NEL HOLDINGS LIMITED NO. 110, ANDREW BUILDING LEVEL 1, M.G. ROAD BENGALURU- 560 001 REPRESENTED BY ITS GENERAL MANAGER-LEGAL MR. SWAMY K.B. 2. THE REGISTRAR OF COMPANIES IN KARNATAKA 'E' WING, 2ND FLOOR KENDRIYA SADANA KORAMANGALA BENGALURU - 560 034 3. SRI KIRIT K. GADA MAJOR IN AGE FATHER'S NAME NOT KNOWN TO THE PETITIONER 204 BLISS A WING VASANT OSCAR LBS ROAD, MULUND (W) MUMBAI - 400 080 4. SRI HARI M.K. MAJOR IN AGE FATHER'S NAME NOT KNOWN TO THE PETITIONER 10063 PRESTIGE WELLINGTON PARK JALAHALLI BENGALURU - 560 013 - 3 - HC-KAR NC: 2026:KHC:23235-DB WA No. 767 of 2025 5. SRI MUSTAFA MOHAMMEDI KHARAWALA MAJOR IN AGE FATHER'S NAME NOT KNOWN TO THE PETITIONER A 1401, MADHUPURI APTS GOKHALE ROAD DAHNUKARWADI KANDIVLI WEST MUMBAI - 400 067 6. SMT. FATEMA MUSTAFA KHARWAWALA MAJOR IN AGE WIFE OF SRI MUSTAFA KHARAWALA A 1401, MADHUPURI APTS GOKHALE ROAD DAHNUKARWADI KANDIVLI WEST MUMBAI - 400 067 7. SRI MOHAMEDHUSAIN KHARAWALA MAJOR IN AGE FATHER'S NAME NOT KNOWN TO THE PETITIONER A - 1401, MADHUPURI APTS GOKHALE ROAD DAHNUKARWADI KANDIVLI WEST MUMBAI - 400 067 8. SRI AAMIR MUSTAFA KHARAWALA MAJOR IN AGE FATHER'S NAME NOT KNOWN TO THE PETITIONER A 1401, MADHUPURI APTS - 4 - HC-KAR NC: 2026:KHC:23235-DB WA No. 767 of 2025 GOKHALE ROAD DAHNUKARWADI KANDIVLI WEST MUMBAI - 400 067 9. SRI VIMAL KUMAR MAHESHWARI MAJOR IN AGE FATHER'S NAME NOT KNOWN TO THE PETITIONER NEAR KESHAR JI KANWARIYA MANDIR WARD NO. 8, BEER CHHAPAR RURAL CHURCH SUJANGARH, RAJASTHAN - 331 502 10. SMT. VANDANA THAKER MAJOR IN AGE NO.1, ABDUL RASUL AVENUE KOLKATA - 700 026 11. SRI. NEERAJ SADANI MAJOR IN AGE RESIDING AT NO.35 ROWLAND ROAD KOLKATA - 700 020 12. SRI. NAVEEN J MAJOR IN AGE RESIDING AT NO. 65 GODAVARI ROAD MUNNEKOLALU MARATHAHALLI POST BANGALORE - 560 037 13. SRI MANJUNATHA MAJOR IN AGE RESIDING AT NO. 565 13TH MAIN, 5TH CROSS - 5 - HC-KAR NC: 2026:KHC:23235-DB WA No. 767 of 2025 HOTEL LEELA PALACE ROAD KODIHALLI BANGALORE - 560 008 14. KRISHNA DWARKA DAS BAGREE MAJOR IN AGE NO. 20, MOHINI NIWAS VINAYAK NAGAR NEAR ACHAL RESIDENCY AHMEDNAGAR - 414 001 15. SMT. SUREKHA BAGREE MAJOR IN AGE NO. 20, MOHINI NIWAS VINAYAK NAGAR NEAR ACHAL RESIDENCY AHMEDNAGAR - 414 001 16. SRI MANISH BAGREE MAJOR IN AGE NO. 20, MOHINI NIWAS VINAYAK NAGAR NEAR ACHAL RESIDENCY AHMEDNAGAR - 414 001 17. SMT. SWATHI BAGREE MAJOR IN AGE NO.20, MOHINI NIWAS VINAYAK NAGAR NEAR ACHAL RESIDENCY AHMEDNAGAR - 414 001 18. SAURAV KRISHNA BAGREE MAJOR IN AGE NO.20 MOHINI NIWAS - 6 - HC-KAR NC: 2026:KHC:23235-DB WA No. 767 of 2025 VINAYAK NAGAR NEAR ACHAL RESIDENCY AHMEDNAGAR - 414 001 …RESPONDENTS (BY SRI S.S. NAGANAND, SENIOR ADVOCATE A/W SMT. SUMANA NAGANAND, ADVOCATE FOR C/R-1; SMT. ANUPARNA BORDOLOI, ADVOCATE FOR R-2; SRI. SHARANJIT SHETTY, ADVOCATE FOR R-3; Ms. KRITHIKA RAGHAVAN, ADVOCATE FOR R-4; SRI BHAIRAV KUTTAIAH, ADVOCATE FOR R-5 TO 8; SMT. LAKSHA KALPA, ADVOCATE FOR R-9 & SRI CHANDRASHEKAR, ADVOCATE FOR SRI VIVEK HOLLA, ADVOCATE FOR R-10 TO 13) THIS WRIT APPEAL IS FILED UNDER SECTION 4 OF THE KARNATAKA HIGH COURT ACT PRAYING TO CALL FOR RECORDS AND SET ASIDE THE IMPUGNED ORDER DATED 07.04.2025 PASSED BY THE LEARNED SINGLE JUDGE IN W.P. No.23518/2021 AND ETC. THIS APPEAL, COMING ON FOR FURTHER PROCEEDINGS, THIS DAY, JUDGMENT WAS DELIVERED THEREIN AS UNDER: CORAM: HON'BLE MR. VIBHU BAKHRU, CHIEF JUSTICE and HON'BLE MR. JUSTICE C.M. POONACHA ORAL JUDGMENT (PER: HON'BLE MR. VIBHU BAKHRU, CHIEF JUSTICE) 1. The learned Senior Counsel Sri. J. Sai Deepak, appearing for the appellants submits on instructions that the appellants would issue fresh notice under the provisions of Section 11 of the - 7 - HC-KAR NC: 2026:KHC:23235-DB WA No. 767 of 2025 Securities Exchange Board of India Act, 1992, after duly examining the material on record. 2. Needless to state that all rights and contentions of the parties are reserved. All questions as raised are left open. 3. The appeal is disposed of in view of the aforesaid submission. 4. Pending application stands disposed of. Sd/- (VIBHU BAKHRU) CHIEF JUSTICE Sd/- (C.M. POONACHA) JUDGE SD List No.: 2 Sl No.: 36