The amendments mandate disclosure of certain private agreements even when the listed company is not a party to them.
The petitioners contended that the new disclosure regime introduced through the 2023 Second Amendment and clarified by SEBI in 2024, is unlawful, arbitrary, wholly unreasonable and runs counter to Constitution and basic principles of Indian contract law.
A Bench of Justice MS Sonak and Justice Jitendra Jain on June 11 directed SEBI to file its replies by July 31. The petitioners were asked to file their rejoinder affidavits by August 14.
The matter has been scheduled for final hearing on August 20.
The petitions were filed by Kirloskar Oil Engines Ltd., Kirloskar Pneumatic Co. Ltd., Kirloskar Ferrous Industries Ltd., Kirloskar Industries Ltd. and G.G. Dandekar Properties Ltd.
The pleas challenge the validity of Regulation 30A, Clause 5A of Para A of Part A of Schedule III, and Regulation 30(13) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 [SEBI LODR Regulations].
