Shareholder access to confidential corporate documents affirmed where confidentiality is overstretched, strengthening minority investor protections.
Minority shareholders are entitled to access corporate documents where confidentiality claims are overstated; confidentiality and privilege cannot be used to withhold information necessary for assessing compliance with securities law. SEBI's settlement framework cannot shield material information from shareholder scrutiny; regulatory processes must balance investigatory integrity with transparency and natural justice. Non compliance with Minimum Public Shareholding norms undermines market integrity and minority rights, and settlements of serious violations require sufficient transparency to protect investor interests.