Finance judiciary-2

HC without ordering reinvestigation directed EOW to look afresh into selected issues

CD Pharma India Private Limited Vs State of NCT of Delhi & Ors. (Delhi High Court)

CD Pharma India Private Limited Vs State of NCT of Delhi & Ors. (Delhi High Court) Conclusion: HC without ordering reinvestigation directed senior officer of EOW of the level of Special Commissioner, not earlier associated with investigation, look into afresh a) accused Claudio was never summoned; b) case files having been shown to a ...

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Mortgage of secured creditor gets prior charge over charge for tax/VAT dues

State Bank of India Vs State of Maharashtra (Bombay High Court)

State Bank of India Vs State of Maharashtra (Bombay High Court) In our considered view the facts in the case at hand being similar to the facts in the case of ASREC (India) Limited (Supra) that decision would squarely be applicable to the facts of this case that if any Central statute creates priority of […]...

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Private financial institutions performing public duties cannot be treated as ‘State’

Kailashi Devi Vs Branch Manager And Another (Allahabad High Court)

Kailashi Devi Vs Branch Manager And Another (Allahabad High Court) Private financial institutions, carrying of business or commercial activity, may be performing public duties, but cannot be considered to be covered under the definition of “State” under Article 12 of the Constitution of India, the writ petition against such en...

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In absence of order by Adjudicating Authority within 180 days, Provisional Attachment Order under PMLA ceases to have effect

Vikas WSP Ltd. & Ors. Vs Directorate Enforcement & Anr. (Delhi High Court)

Vikas WSP Ltd. & Ors. Vs Directorate Enforcement & Anr. (Delhi High Court) Sub-section (1) of Section 5 of the Prevention of Money Laundering Act, 2002 (ACT) empowers the Director or any other officer not below the rank of the Deputy Director authorized by the Director of Enforcement in this regard, to pass an order […]...

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Dishonour of Cheque: Drawee need not wait for 15 days if intention of drawer to not pay is clear

Ravi Dixit Vs State of U.P. and Another (Allahabad High Court)

Ravi Dixit Vs State of U.P. and Another (Allahabad High Court) Learned counsel for the petitioner has submitted that the summoning order is without compliance of provisions of Section 138 of the Act, 1881; the application has been falsely implicated due to enmity and financial dispute with the complainant and that cheques were dishonoured...

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HC denies Bail to MD of IL&FS Transportation in alleged Money Laundering case

Ramchand Karunakaran. Vs Directorate of Enforcement (Bombay High Court)

Ramchan Krunakaran Vs Directorate of Enforcement (Bombay High Court) In Nikesh Tarachand Shah Vs. Union of India,  2018(11) SCC 1, the Apex Court has reiterated the principle concerning grant of bail being the rule and refusal being exception and while dealing with Section 45 of the PMLA Act which imposes twin stringent condition for off...

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A Trainee Cannot Excluded from Definition of Term ‘Employee’ under Gratuity Act

Irel (India) Limited Vs P. N. Raghava Panicker (Kerala High Court)

The issue under consideration is whether a trainee is excluded from the definition of the term 'employee' under the Gratuity Act? A trainee is not excluded from the definition of the term 'employee' under the Gratuity Act. What is excluded is an 'apprentice'....

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Wind up of six Mutual Fund Schemes by Fanklin should be with consent of unit-holders: HC

SEBI Vs Franklin Templeton Trustees Services Pvt. Ltd (Karnataka High Court)

SEBI Vs Franklin Templeton Trustees Services Pvt. Ltd (Karnataka High Court) i) We hold that no interference is called for in the decision of the Trustees taken on 23rd April 2020 of winding up the said six Schemes; ii) We hold and declare that the decision of the Trustees (the Franklin Templeton Trustee Services private […]...

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SC dismisses PIL against alleged Mis-utilisation of Funds Lying in NCEF

Atul Gulati Vs Union of India (Supreme Court of India)

In the Instant case the PIL has been filed by the Petitioner in public interest against the diversion and misutilization of the funds lying in the National Clean Energy Fund (NCEF) in front of Supreme Court....

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HC dismissed WP Filed against Credit Rating Agency as it is Private Body & Not ‘State’ as per Constitution

Mahasemam Trust Vs Union Of India (Madras High Court, Madurai Bench)

The issue under consideration is whether the writ petition filed against credit rating agency by stating that they are not authorised to discharge "Public Functions" as it is not characterised as 'State ' will be sustain in law?...

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