This post argues that the court’s clarification creates an asymmetrical safeguard which is a weak deterrent against strategic litigants seeking to prolong a Section 34 application.

On 10 August 2026, the Department of Debt and Hybrid Securities of the Securities and Exchange Board of India released a consultation paper proposing, alongside an expansion of ISIN limits for privately placed debt, to dispense with the obligation on an issuer entering the listed debt market for the first time to also list its outstanding unlisted non-convertible debt securities issued on or after 1 January 2024.

The author's submission is that Tejas J Shah is rightly decided and useful for correcting a specific adjudicatory error, but that its doctrinal contribution is narrower than a first reading suggests.