Parinay Sharma Vs Union of India & Ors. (Delhi High Court)
Summary: The Delhi High Court dismissed with exemplary costs of ₹5,00,000/- a Public Interest Litigation filed by Parinay Sharma under Article 226 of the Constitution of India concerning IFCI Limited’s divestment of its shareholding in the National Stock Exchange of India Limited (“NSE”). The PIL sought, inter alia, preservation and production of records, disclosure of ownership, ultimate beneficial ownership and source of funds of DVI Fund (Mauritius) Ltd., Soach Global Opportunities Fund and similarly placed entities, restraint on their participation in NSE’s proposed Offer for Sale, deposit of transfer proceeds in escrow, examination by SEBI of the transfers and transferees, and consideration of the petitioner’s complaint dated 05.06.2026 by SEBI and CBI.
The petition stated that IFCI held 24,97,750 equity shares of NSE as on 31.03.2015, representing 5.55% of its paid-up equity share capital, and during FY 2015-16 divested 11,25,000 shares in four tranches for aggregate consideration of ₹440.93 crores. The petitioner alleged that the shares transferred between 15.09.2015 and 01.07.2016 were sold at a valuation lower than a comparable June 2013 transaction and contended that, compared with NSE’s present unlisted-market valuation of approximately ₹5,00,000 crores, the impugned divestment caused a notional loss of approximately ₹12,121.13 crores to IFCI and consequently the public exchequer. NSE opposed the PIL at the threshold, pointing out that the petitioner had already filed W.P. No. 2408/2026, Parinay Sharma v. Securities and Exchange Board of India & Anr., before the Bombay High Court on 02.05.2026, before instituting the Delhi PIL on 05.08.2026, and had not disclosed that proceeding.
