Supreme Court Orders SEBI to Resolve Case Against Sandesaras
Supreme Court asks Sebi to close case against Sandesaras or face action
Business StandardImage: Business Standard
The Supreme Court of India has directed the Securities and Exchange Board of India (SEBI) to conclude its proceedings against Sterling Biotech Limited and its promoters, Chetan and Nitin Sandesara, unless they deposit ₹5,100 crore (approximately $615 million USD) as previously agreed. The court will review the matter again on April 10.
- 01Supreme Court mandates SEBI to close proceedings against Sandesaras.
- 02Chetan and Nitin Sandesara must deposit ₹5,100 crore to quash all charges.
- 03SEBI is investigating allegations of misleading financial practices.
- 04A consortium of banks claims ₹19,283.77 crore is owed by the Sandesaras.
- 05Next hearing scheduled for April 10 to assess compliance and further actions.
Advertisement
In-Article Ad
On Thursday, the Supreme Court of India instructed the Securities and Exchange Board of India (SEBI) to finalize its case against Sterling Biotech Limited (SBL) and its promoters, Chetan and Nitin Sandesara. The court emphasized that all proceedings would be quashed if the Sandesaras deposit ₹5,100 crore (approximately $615 million USD) as previously agreed. This decision follows the court's acceptance of a settlement proposal in November 2022, where the Sandesaras committed to this deposit as a resolution to various claims. SEBI's ongoing investigation involves allegations that the Sandesaras misled investors by securing loans from foreign banks and misrepresenting the company's financial status. The next hearing is set for April 10, where the court will review SEBI's compliance with its order. Meanwhile, a consortium of banks has claimed a total of ₹19,283.77 crore is owed to them, and they are seeking the distribution of the deposited amount based on their respective claims.
Advertisement
In-Article Ad
The resolution of this case could impact the financial recovery of banks and investors involved with Sterling Biotech Limited, potentially affecting loan repayments and investor confidence.
Advertisement
In-Article Ad
Reader Poll
Do you believe the SEBI should close proceedings against the Sandesaras?
Connecting to poll...
More about Securities and Exchange Board of India

Sebi Proposes Reintroduction of Open Market Share Buybacks Following Tax Reforms
Business Standard • Apr 2, 2026
Sebi Considers Reintroducing Open Market Share Buybacks Amid Tax Reforms
Mint • Apr 2, 2026

Sebi Proposes Reintroduction of Open Market Share Buybacks Amid Tax Revisions
Business Standard • Apr 2, 2026
Read the original article
Visit the source for the complete story.



