New Delhi, Dec. 1 -- Office space company WeWork India received a major relief on Monday when the Bombay high court upheld the Securities and Exchange Board of India's (Sebi) approval for its Rs.3,000 crore initial public offering (IPO), according to a Bar & Bench report.

A division bench of justices R.I. Chagla and Farhan Parvez Dubash dismissed petitioner Vinay Bansal's plea, which had challenged the IPO based on investor allegations that Sebi "overlooked disclosure lapses, including non-disclosure of pending criminal proceedings under the Prevention of Money Laundering Act (PMLA)", the report added.

The court imposed a cost of Rs.100,000 on Bansal, payable to the Maharashtra Legal Services Authority (MLSA), to be deposited within two...