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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 HON'BLE MR. JUSTICE HARISH VAIDYANATHAN SHANKAR

J U D G M E N T

HARISH VAIDYANATHAN SHANKAR, J.

1. With the consent of the parties, both Appeals were taken up for hearing together. As they arise out of the same proceedings and assail the same Judgment, we propose to adjudicate them by way of the present consolidated Judgment.

PROLOGUE

2. The present Appeals have been filed under Section 483 of the Companies Act, 1956, Companies Act, assailing Judgement dated 01.09.2025 passed by the learned Single Judge of this Court in CO. APP. Nos. 420/2022, 351/2023, 546/2023, 37/2024, 39/2024, 203/2024, 204/2024, 506/2024, 403/2025, and 404/2025, arising out of CO. PET.

2 Impugned Judgement

No. 379/2009 titled ‗Securities Exchange Board of India (Trust Petition No. 3/1997) v. CRB Capital Markets Ltd.’. By the Impugned Judgment, the learned Single Judge adjudicated the aforesaid applications and issued various directions to the parties.

3. The Appellants in CO. APP. No. 9/2025, namely, Mr. S.K. Tandon and Mr. S.C. Das, are former members of the Special Committee constituted pursuant to an order dated 29.05.2013 passed by the learned Single Judge, which was subsequently reconstituted vide Order dated 12.09.2023. Appellant No. 1 was the erstwhile Chairman of the Special Committee, while Appellant No. 2 was one of its members and is an Ex-Executive Director of SEBI. It is relevant to note that another member of the Special Committee, namely Mr. A.A. Sisodia, representing the Ex-Management of CRB Capital Markets Ltd., CCML, was also part of the said Committee but was removed pursuant to the order dated 12.09.2023 passed by the learned Single Judge.

4. CO.APP. No.9/2025 has been preferred by Mr. S.K. Tandon and Mr. S.C. Das, the former members of the Special Committee, challenging the Impugned Judgment and seeking to set aside the same. The Appellants also initially prayed for restoration of the status quo ante, namely, the status of the Special Committee as constituted vide Order dated 29.05.2013, along with permission to complete the process of winding up of the mutual fund. However, during the course of arguments, learned Senior Counsel for the Appellants clarified that the challenge in the present Appeal is confined to those portions of the Impugned Judgment which record adverse findings against the Appellants‘ conduct, attribute impropriety to the functioning of the Special Committee, and issue consequential directions having civil and reputational ramifications against the court-appointed officials such as the members of the Special Committee.

5. The Appellants in CO. APP. No. 10/2025 are Mr. C.R. Bhansali, CRB Trustees Ltd., and CRB Asset Management Co. Ltd. Appellant No. 1 is the ex-Director of CCML and a settlor of CRB Trustees Ltd. (Appellant No. 2). Appellant No. 1