India’s Supreme Court has dismissed an appeal by a New Delhi-based NGO against Smartworks Coworking Spaces Ltd., issuing a stern warning to the organization for attempting to mislead the judiciary with fabricated documents in a case that had sought to derail the company’s initial public offering.
The apex court’s order dated August 25, 2025, succinctly stated: “We are not inclined to interfere with the impugned order passed by the Securities Appellate Tribunal, Mumbai. The Civil Appeal is, accordingly, dismissed.”
The ruling represents the final chapter in a contentious legal battle that Infrastructure Watchdog, the NGO, had waged against Smartworks’ IPO process. The organization had alleged incomplete disclosures and regulatory lapses, claims that were rejected by both the Securities Appellate Tribunal and now the Supreme Court.
The case gained particular notoriety when Smartworks’ legal team demonstrated that key evidence presented by the NGO—including what appeared to be official government correspondence—was fabricated. The Supreme Court took a dim view of these tactics, warning Infrastructure Watchdog about the serious consequences of misleading the judicial process with false documents.
“This verdict by the Hon’ble Supreme Court brings a conclusive end to a malicious attempt against our IPO and also reaffirms Smartworks’ reputation for transparency, governance, and integrity,” said Neetish Sarda, Managing Director and Founder of Smartworks, following the ruling.
The NGO’s campaign began in July when it filed complaints with the Securities Appellate Tribunal, alleging that Smartworks’ IPO prospectus failed to adequately disclose material information about income-tax proceedings and investigations involving the company’s promoters. SAT dismissed these claims on July 16, 2025, finding that Smartworks had made appropriate disclosures and that the NGO’s evidence lacked substance.
Undeterred, Infrastructure Watchdog escalated the matter to the Supreme Court, but the higher court’s dismissal was even more emphatic, with justices expressing concern about the organization’s conduct during proceedings.
Despite the legal challenges, Smartworks’ IPO proved remarkably successful with investors. The offering was oversubscribed 13.45 times overall, with particularly strong demand from institutional investors who oversubscribed their portion by 24.4 times.
The Supreme Court’s decisive ruling not only vindicates Smartworks but also sends a clear message about the consequences of pursuing litigation based on fabricated evidence, potentially setting a precedent for similar cases involving public market participants.
