Khaitan & Co Successfully Represents BRLMs In Writ Petitions Challenging WeWork India Management IPO Before Bombay High Court
Khaitan & Co successfully represents BRLMs in writ petitions challenging WeWork India Management IPO before Bombay High Court
The leading law firm in India, Khaitan & Co successfully represented JM Financial Private Limited, ICICI Securities Limited, Jefferies India Private Limited, Kotak Mahindra Capital Company Limited, and 360 One WAM Limited (all acting as Book Running Lead Managers (BRLMs) to WeWork India Management’s IPO) before the Bombay High Court in writ proceedings seeking a stay of the IPO alleging inadequate material disclosures.
On 1 December 2025, the Division Bench of Justice R.I. Chagla and Justice Farhan Dubash dismissed two writ petitions filed by individual investors under Article 226 of the Constitution of India. The writ petition filed by Mr Hemant Kulsreshtha was dismissed with no costs, while the writ petition filed by Mr Vinay Bansal was dismissed with costs of INR 1 Lakh, payable to the Maharashtra Legal Services Authority within two weeks from the date of the order.
The dispute concerned alleged non-disclosure and partial disclosure of ongoing proceedings against the promoters in the draft red herring prospectus of WeWork’s IPO. The Petitioners sought action by the Securities and Exchange Board of India (SEBI) against WeWork and the BRLMs for such alleged non-disclosures. The Bombay High Court rejected these claims, holding that all material information had been disclosed and that the BRLMs had performed their obligations diligently in accordance with statutory provisions.
The Bombay High Court also made certain remarks and observations that the material alleged to be suppressed was in fact disclosed by WeWork and the BRLMs and thus, did not mislead or dupe potential investors. Further, the Hon’ble Bench observed that WeWork and the BRLMs conducted due diligence and acted in the best interests of the investors by promptly responding to all the complaints addressed by the Petitioners. The Division Bench also commented on the frivolous manner in which the Writ Petitions were filed, stating that the same were filed with undue and inordinate delay, especially since a degree of urgency was expressed by the Petitioners.
The ruling reinforces accountability of litigants, scrutinizes the severity and authenticity of the claims raised by the public in high-stakes situations, and discourages litigants from approaching the court with unclean hands and initiating frivolous and delayed proceedings. The ruling further upholds the discretion and judgement of SEBI’s decisions as a regulatory body and highlights the duties and responsibilities of the regulatory and financial bodies involved in the issuance of an IPO.
The Khaitan & Co team comprised Ravitej Chilumuri (Partner), Aishwarya Singh (Principal Associate), and Sanya Gandhi (Associate), with Senior Counsel Mr Janak Dwarkadas and Senior Counsel Mr Ravi Kadam appearing for the BRLMs.
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