Bombay High Court

PRAKASH MANIK WADHWANIversusTHE CUSTODIAN AND ORS.

Decided: 19 June 2026
Disposal: DISPOSED OFF
Bench: N JAMADAR

Holding

The Court allowed the withdrawal and dismissed the applications as withdrawn.

Summary

The applicants, Prakash Manik Wadhwani and Rakhee Manik Wadhwani, filed miscellaneous applications before the Special Court at Bombay under the Special Court (Trial of Offences Relating to Transactions in Securities) Act, 1992. They later sought the Court's permission to withdraw these applications. The Court directly asked the lead applicant, Mr. Prakash Wadhwani, whether he wished to proceed. He unequivocally stated that he did not wish to prosecute the applications. Consequently, the Court dismissed the applications as withdrawn.

Issues considered

Whether the Court may permit the applicants to withdraw their miscellaneous applications under the Special Court Act

Subjects

withdrawal of application
special court
securities law
procedural dismissal

Judgment

                                                    5 SPMA-20-25.DOC

              IN THE SPECIAL COURT AT BOMBAY
 Constituted under the Special Court [Trial of Offences Relating
            to Transactions in Securities] Act, 1992

        MISCELLANEOUS APPLICATION NO. 20 OF 2025

Prakash Manik Wadhwani & ors.                       ...Applicants
      Versus
The Custodian & ors.                            …Respondents

                       WITH
       MISCELLANEOUS APPLICATION NO. 21 OF 2025

Rakhee Manik Wadhwani & ors.                        ...Applicants
      Versus
The Custodian & ors.                            …Respondents

Mr. Vatsala Toprani, (appointed) for the Applicants.

Mr. Prakash Wadhwani, Applicant No. 1 present.

Mr. Siddhant Marathe i/b Shardul Amarchand Mangaldas &
Co., for Apollo Tyres Ltd.

Mr. Gandhar Raikar, Ms. Shilpa Bhate (through VC), Ms. Payal
Mehta, for Custodian.

Mr. Ashwin Mehta, for Notiied party.

                             CORAM:     N. J. JAMADAR, J.
                                        Judge, Special Court
                             DATED :    19th JUNE 2026

PC:-

1.     Heard the learned Counsel for the parties.


2.     Ms. Toprani, the learned Counsel for the Applicants, on

instructions of Mr. Prakash Wadhwani – the Applicant No.1 in



SAINATH, PA                       1/2
                                                     5 SPMA-20-25.DOC

SPMA/20/2025 and Applicant No.2 in SPMA/21/2025, who is

present in Court, seeks leave to withdraw the applications.


3.    The Court has inquired with Mr. Prakash Wadhwani as to

whether he wishes to withdraw the applications.


4.    Mr. Prakash Wadhwani states that, he does not wish to

prosecute the applications.


5.    The     Miscellaneous   Applications   stand   dismissed    as

withdrawn.




                                             [N. J. JAMADAR, J.]




SAINATH, PA                        2/2

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