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Corporate Law : Punjab & Haryana HC grants relief to son of a soldier injured in anti-terror operation in J&K, asserting his entitlement to a job ...
Corporate Law : Understand the applicability, compliance, penalties, and best practices of the POSH Act for Private Limited Companies in India wit...
Corporate Law : Learn how companies can build stakeholder trust through communication, engagement, transparency, and a structured redressal mechan...
Corporate Law : Trademarks are critical for businesses to differentiate their goods or offerings from others in market. They help construct brand...
Corporate Law : Understanding conveyance & deemed conveyance in housing societies, legal provisions, benefits, and challenges under MOFA, RERA, an...
Corporate Law : The National Pension System (NPS) offers flexible, low-cost pension options with digital accessibility, aiming to expand coverage ...
Corporate Law : ICAI held its Convocation 2025 across 13 locations, awarding 19,075 Chartered Accountants with membership. The Governor of West Be...
Corporate Law : The Indian government has not assessed the IBC’s impact on tax revenue loss and has no plans to amend tax priorities under insol...
Corporate Law : IBBI proposes key amendments to CIRP, liquidation, and personal guarantor insolvency, aiming to enhance efficiency, transparency, ...
Corporate Law : FIU-IND imposed a ₹9.27 crore penalty on Bybit for violating PMLA compliance. The platform operated without registration, leadin...
Corporate Law : Madras High Court held that Section 10-A of the Insolvency and Bankruptcy Code, 2016 cannot be extended to cases where default con...
Corporate Law : Bombay HC quashes order by Additional CIT, emphasizing CBDT or its members must explicitly issue orders under Section 119(2)(b) of...
Corporate Law : NCLAT upholds rejection of IBC Section 9 application against HUL, citing pre-existing disputes and claims below the Rs. 1 crore th...
Corporate Law : NCLAT Delhi upheld the CoC's decision to extend CIRP and withdraw liquidation, rejecting the appeal against the Resolution Profess...
Corporate Law : NCLAT Delhi held that distribution of liquidation proceeds has to be in proportion to the admitted claim of secured creditors as p...
Corporate Law : IBBI updates reporting rules for insolvency professionals, requiring timely assignment updates on its portal for CIRP, liquidation...
Corporate Law : PFRDA issues a master circular on service charges for PoPs under NPS (All Citizen & Corporate) and NPS-Lite, consolidating past ci...
Corporate Law : IBBI issues a disciplinary order against Akash Shinghal for non-compliance with CIRP regulations. The case involves voting and CoC...
Corporate Law : IBBI Disciplinary Committee reviews the case of Insolvency Professional Anil Kumar Mittal for excessive fees during CIRP proceedin...
Corporate Law : IBBI releases Phase 9 syllabus for Limited Insolvency Examination. Applicable from May 5, 2025, details available on the IBBI webs...
Mr.Vinoskumar Ramachandran vs The State Of Maharashtra – The Bombay high court has ruled that when a bank account is sought to be seized during criminal investigation, the account-holder need not be given prior notice. In this case, Essar Logistics vs Vinoskumar, the account holder argued that natural justice demanded that he should be given notice before freezing his account. The division bench of the high court rejected his contention and remarked: It would indeed be absurd to suggest that a person must be told that his bank account, which is suspected of having been used in the commission of an offence by himself or even by another, is being frozen to allow him to have it closed or to have its proceeds withdrawn or transferred upon such notice.
Booz Allen and Hamilton Inc. Vs. SBI Home Finance Ltd. & Ors.- All disputes are not capable of settlement through arbitration; some by nature have to be adjudicated by courts, according to the Supreme Court. A suit for sale, foreclosure or redemption of mortgaged property should be tried by a court and not by arbitral tribunal, the court stated in the judgment, Booz Allen & Hamilton Inc. Vs SBI Home Finance Ltd. In this case, two firms took loan from SBI to buy flats in Mumbai and they entered into leave and licence agreements with Booz. The borrowers did not repay the loan and so SBI filed a mortgage suit before the Bombay high court. Booz moved the high court for arbitration which was dismissed. Its appeal was also dismissed by the Supreme Court. It stated that a court where the mortgage suit is pending should not refer the parties to arbitration as it is not an “arbitrable” issue. This is so because only a court can protect the interests of third parties. Arbitration deals with only disputes between parties to the arbitration agreement. The court gave similar instances where arbitration should not be attempted, like insolvency and winding up matters, tenancy, wills, criminal offences, matrimonial disputes and guardianship issues.
Any association granted prior permission or registered with the Central Government under Section 6 or under the repealed FCRA, 1976, shall be deemed to have been granted prior permission or registered, as the case may be, under FCRA, 2010 and such registration shall be valid for a period of five years from the date on which the new Act has come into force.
Rules of procedure are handmaids of justice. Section 151 of the Code of Civil Procedure gives inherent powers to the court to do justice. That provision has to be interpreted to mean that every procedure is permitted to the court for doing justice unless expressly prohibited, and not that every procedure is prohibited unless expressly permitted. There is no express bar in filing an application for withdrawal of the withdrawal application. In Narsingh Das v. Mangal Dubey, ILR 5 All 163 (FB) (1882), Mr. Justice Mahmood, the celebrated Judge of the Allahabad High Court, observed.
A gift of immovable property made by a Muslim is valid even if it is not registered under the Transfer of Property Act or the Stamps and Registration Act, the Supreme Court today ruled. The apex court said though the TP Act mandates registration of a gift, the same would not apply to a Muslim donor as the community has been exempted from the provision.
The ‘Industrial Loan’ is required for an industry which is a social activity generating employment for the masses (direct as well as indirect), generation of public revenue by way of taxation for meeting public expenses through the government, making available goods indigenously and thus saving valuable foreign exchange, creating possibilities for export and thus earning valuable foreign exchange, creating wealth to improve standard of living of the citizens etc. Thus the ‘Industrial Loan’ is an object and purpose oriented loan for creating an activity for the benefit of the public. In this context, the PAYMENT OF INTEREST AND REPAYMENT OF SAID ‘INDUSTRIAL LOAN’ IS PRIMARILY, WHOLLY AND SOLELY OUT OF EARNINGS OF THE SAID INDUSTRY. In fact all the project reports and appraisal reports prepared by the banks/financial institutions show only this mode of repayment of industrial loan as well as interest. In a running unit, all the transactions ultimately leave only the net profit in the hands of the Company. Average net profit in the business is 2% to 4% of the turnover. Out of this if the Company reserves half, the balance half i.e. 1% to 2% is only available which the Company can use the way it likes say for keeping reserves for business risks, security and safety of key persons etc.
CBI has registered a case U/S 8 of Prevention of Corruption Act against an official of Registrar, Firms & Societies, Punjab on the basis of a complaint received from Secretary of an Association alleging demand of bribe of Rs.1.5 crore by the official, of Registrar, Firms & Societies, Punjab, Sector 17, Chandigarh for closing the complaint against the Association without any action. The accused also threatened that in case of non-payment of the bribe amount, control of the Association shall be taken over by the Government and a criminal case will be registered against the office bearers of the Association. The accused official also allegedly told the complainant that he has approached a Minister in Punjab Cabinet through Chief Parliamentary Secretary for closing the complaint. He said that initially an amount of Rs.2 crore was demanded for settling this matter but, however, he has been able to reduce it to Rs.1.5 crore. The accused official also allegedly told that the bribe amount has to be delivered at the residence of Chief Parliamentary Secretary.
In exercise of the powers conferred by sub-section (1) of section 233B of the Companies Act, 1956 (1 of 1956), the Central Government,being of the opinion that it is necessary to do so, hereby directs that all companies to which any of the following rules apply, and wherein, the aggregate value of net worth as on the last date of the immediately preceding financial year exceeds five crores of rupees; or wherein the aggregate value of the turnover made by the company from sale or supply of all products or activities during the immediately preceding financial year exceeds twenty crores of rupees; or wherein the company’s equity or debt securities are listed or are in the process of listing on any stock exchange,whether in India or outside India, shall get its cost accounting records, in respect of each of its financial year commencing on or after the lst day of April, 2011, audited by a cost auditor who shall be, either a cost accountant or a firm of cost accountants, holding valid certificate of practice under the provisions of Cost and Works Accountants Act, 1959 (23 of 1959).
In exercise of the powers conferred by sub-section (1) of section 233B of the Companies Act, 1956 (1 of 1956), the Central Government, being of the opinion that it is necessary to do so, hereby directs that all companies to which any of the following rules apply, and wherein the aggregate value of the turnover made by the company from sale or supply of all products or activities during the immediately preceding financial year exceeds hundred crores of rupees; or wherein the company’s equity or debt securities are listed or are in the process of listing on any stock exchange, whether in India or outside India, shall get its cost accounting records, in respect of each of its financial year commencing on or after the 1st day of April, 2011, audited by a cost auditor who shall be, either a cost accountant or a firm of cost accountants, holding valid certificate of practice under the provisions of Cost and Works Accountants Act, 1959 (23 of 1959).
Supreme Court restricts cultivation of cash crops like areca nut, coconut, cashew, and black pepper in Karnataka’s reserved forests. Lease cancellations justified.
