India, July 11 -- In the midst of its initial public offering (IPO), coworking space provider Smartworks intimated markets regulator SEBI of an appeal filed against its promoter entities NS Niketan LLP and SNS Infrarealty LLP, jute baron Ghanshyam Sarda (the father of Smartworks cofounder Neetish Sarda), and SEBI at the Securities Appellate Tribunal (SAT) by Infrastructure Watchdog, a non-governmental organisation.

The SAT heard the case yesterday and set July 15 as the next day of hearing.

Smartworks has denied the allegations, which pertain to benami entities making investments in the paid-up equity share capital of the company by conversion of black money during 2017-2018 months after demonetisation in India.

"Such illegitimate mone...