RG Buildwell Engineers Limited has withdrawn its writ petition before the Bombay High Court challenging the disclosures made by Zetwerk Manufacturing Businesses Limited in its Red Herring Prospectus (RHP) ahead of its proposed initial public offering (IPO). The petition was dismissed as withdrawn on October 19, 2026.
The petition was filed against the Securities and Exchange Board of India (SEBI), Zetwerk and the Book Running Lead Managers (BRLMs), alleging incomplete and incorrect disclosures in Zetwerk’s RHP. RG Buildwell had sought an extension of the offer period until complete and accurate disclosures were made.
The matter was listed before a Division Bench of Justice Kulkarni and Justice Gokhale. During the hearing, Zetwerk and the BRLMs submitted that adequate disclosures had been made in accordance with applicable law and the company’s materiality policy.
On the issue of SEBI’s alleged failure to respond to RG Buildwell’s complaints, SEBI relied on a Division Bench judgment of the Bombay High Court to contend that its role was supervisory and that it was not required to respond to the complaint.
The Court was not inclined to entertain the writ petition and gave RG Buildwell the option to withdraw it. Following deliberations, RG Buildwell chose to withdraw the petition, which was accordingly dismissed as withdrawn.
Appearances
For SEBI: Senior Advocate JJ Bhatt, instructed by MDP Partners.
For Zetwerk: Senior Advocate Janak Dwarkadas, instructed by Ankit Pahar of Poovayya & Co.
For Book Running Lead Managers: Senior Advocate Darius Khambata, instructed by Shruti Sabharwal, Anant Narayan Misra and Shalin Jani of Shardul Amarchand Mangaldas.
Shardul Amarchand Mangaldas’ IPO team comprised Nikhil Naredi, Krupa Brahmbhatt, Koshy Mammen, Dhanashree Singe, Shariba Tasneem, Abhit Tanay and Arpitha Krishnan.