Supreme Court Dismisses NGO Appeal Against Smartworks The Court, in its order dated August 25, 2025, warned the NGO for attempting to mislead the judiciary with fabricated documents, including a false email.
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The Supreme Court of India has dismissed a civil appeal filed by New Delhi based NGO Infrastructure Watchdog, which had alleged irregularities against Smartworks Coworking Spaces Ltd.
The Court, in its order dated August 25, 2025, warned the NGO for attempting to mislead the judiciary with fabricated documents, including a false email.
The bench noted, "Heard learned senior counsel appearing for the parties at length. We are not inclined to interfere with the impugned order passed by the Securities Appellate Tribunal, Mumbai. The Civil Appeal is, accordingly, dismissed. Pending interlocutory application(s), if any, are disposed of."
This decision upholds the July 16, 2025 ruling of the Securities Appellate Tribunal (SAT), which had already dismissed the NGO's plea. SAT had reaffirmed that the SEBI had undertaken a detailed review and confirmed that Smartworks' declaration and documents were in order.
Despite the allegations, Smartworks' initial public offering witnessed robust investor interest. The issue was oversubscribed 13.45 times, including 24.4 times in the Qualified Institutional Buyers category.
Neetish Sarda, Managing Director and Founder of Smartworks, said, "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. With the IPO successfully completed and our shares actively trading, investor confidence speaks for itself."
Infrastructure Watchdog had earlier moved SAT on July 8, 2025, alleging SEBI had failed to act on its complaints. The tribunal found no merit in the claims and dismissed the appeal, leading the NGO to approach the apex court.
Smartworks, a managed office platform, operates across 56 centres in 15 cities, with more than 12 million square feet under management. The company claims to cater to over 700 clients, including Fortune 500 companies, corporates, multinationals and startups.
