Counsel for the Sandesara brothers told the court that SEBI had refused to close its probe even after the promoters complied with the court’s November 2025 order requiring payment of an additional ₹5,100 crore.
In November 2025, the apex court had directed that all pending investigations and proceedings against the Sandesara brothers be closed subject to payment of the additional amount.
The SEBI probe relates to allegations that the promoters secured loans from foreign banks and routed the funds into their company as purported investments, which investigators suspected could mislead investors.
During the hearing, the court questioned why Sebi was “coming in the way” when its earlier order had quashed all cases. The bench observed that since the payment had been made, all proceedings were required to go.
The court also said that the money deposited should be transferred to the banks involved.
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