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* IN THE HIGH COURT OF DELHI AT NEW DELHI % Judgment reserved on: 17.11.2025 Judgment pronounced on: 23.01.2026 + CO.APP. 9/2025, CM APPLs.56690/2025, 56691/2025 &

68197/2025 S.K. TANDON & ANR. .....Appellants Through: Mr. Nidhesh Gupta, Senior Advocate with Mr. Aman Leekha, Mr. Ankur Chibber & Mr. Jaymut, Advocates for A-1 & 2.

versus SECURITIES AND EXCHANGE BOARD OF INDIA & ANR. .....Respondents Through: Mr. Pratap Venugopal, Senior Advocate with Mr. Abhishek Baid and Mr. Praneet Das, Advocates for R-1 Mr. Avneesh Garg, Mr. Utkarsh Sharma, Ms. Iptisha, Ms. Sneha Sharma, Ms. Saloni Kapoor and Mr. Ayush Pundir, Advocates for R2 + CO.APP. 10/2025, CM APPLs. 56810/2025 & 56811/2025 C R BHANSALI & ORS. .....Appellants Through: Mr. Pinaki Misra, Senior Advocate with Mr. Rahul Sharma, Mr. Shubham Shekhar and Mr. Himanshu Singh, Advocates for A-1 versus SECURITIES AND EXCHANGE BOARD OF INDIA & ANR. .....Respondents Through: Mr. Pratap Venugopal, Senior Advocate with Mr. Abhishek Baid and Mr. Praneet Das, Advocates for R-1 Mr. Avneesh Garg, Mr. Utkarsh Sharma, Ms. Iptisha, Ms. Sneha Sharma, Ms. Saloni Kapoor and Mr. Ayush Pundir, Advocates for R-2 CORAM:

HON'BLE MR. JUSTICE ANIL KSHETARPAL