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 (who is the father of Smartworks cofounder Neetish Sarda), and SEBI at the Securities Appellate Tribunal (SAT) by an NGO, Infrastructure Watchdog.

The appeal has been filed on the grounds of alleged inaction by SEBI in relation to certain complaints filed by the appellant about Smartworks.

The NGO has urged SAT to direct SEBI to initiate investigation in the affairs of the company, restrain it from proceeding with the IPO till the completion of the investigation, and an interim order mai...