Corporate
WhatsApp Privacy Policy Case: Overlap in Data Privacy–Competition Issues Doesn't Curb CCI's Powers, says NCLAT
The National Company Law Appellate Tribunal (NCLAT) at Delhi on Tuesday reaffirmed that the overlap between privacy and competition issues does not take away the powers of the Competition Commission of India (CCI) in investigating and addressing abuse of dominance by firms, even when data protection concerns are also involved. Observing that “Competition law and data protection law operate...
NCLT Allows Former Promoters To Pursue Oppression & Mismanagement Case Against Indian Commodity Exchange
The National Company Law Tribunal (NCLT) at Ahmedabad has allowed a plea filed by a former promoters and shareholders of Indian Commodity Exchange Limited (ICEX) to pursue a case alleging oppression and mismanagement against the commodity derivatives exchange.They had sought a waiver of the requirement that shareholders must hold at least 10 percent of a company's issued share capital to...
Breaking: Whatsapp Privacy Policy Case: NCLAT Grants Partial Relief to Meta, WhatsApp; Allows User Data Sharing for Ads
The National Company Law Appellate Tribunal (NCLAT) on Tuesday granted partial relief to Meta Platforms Inc. and WhatsApp LLC in their appeal against a Competition Commission of India (CCI) order related to WhatsApp's 2021 privacy policy update. While the tribunal upheld the Rs 213.14 crore penalty imposed by the CCI, it set aside the finding that Meta had leveraged WhatsApp's dominant...
Magistrate Cannot Direct Secured Creditor To Bear Police Expenses While Taking Possession Of Secured Asset: Rajasthan High Court
The Rajasthan High Court at Jaipur has recently ruled that a Magistrate cannot direct a secured creditor to deposit expenses for police assistance while taking possession of a secured asset under Section 14 of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act). A single-judge bench of Justice Ashutosh Kumar made the...
Independent Directors Cannot Automatically Escape Liability For Fraud Under IBC: NCLT Mumbai
Independent directors cannot automatically escape liability for a company's alleged fraudulent transactions under Insolvency and Bankruptcy Code, the National Company Law Tribunal (NCLT), Mumbai has ruled.The tribunal said that simply holding the title of an independent or non-executive director does not protect a person from scrutiny under insolvency law without examining their culpability...
Differential Duty Paid For Provisional Release Not Pre-Deposit; Refund Interest Payable Only At 6% U/S 27A Customs Act: CESTAT
The New Delhi Bench of Customs, Excise, and Service Tax Appellate Tribunal (CESTAT) has stated that the differential duty paid for provisional release is not a pre-deposit. Hence, refund interest payable only at 6% U/S 27A Customs Act, not 12% U/S 35FF Central Excise Act. Dr. Rachna Gupta (Judicial Member) opined that all those goods were ordered to be released as per the provisions...
Madras High Court Lets Udaipur Salon Keep 'Bounce,' Lifts Earlier Ban
The Madras High Court has recently lifted an interim injunction that had previously restrained an Udaipur-based salon from using the name “Bounce,” noting that the term is common in the beauty and haircare industry. In a ruling delivered on October 25, A Single Bench of Justice N. Senthilkumar, vacated the injunction that had been granted in favor of Spalon India Pvt. Ltd., the operator...
Supreme Court Dismisses Customs' Appeal Seeking Rs 93 Lakh Duty On Lulu Malls' Imported Trampolines
The Supreme Court recently (October 31) dismissed an appeal filed by the Customs Department challenging the classification and valuation of imported amusement equipment, including trampolines, by Lulu International Shopping Malls Pvt Ltd.A bench of Justices Pankaj Mittal and Prasanna B Varale held that there was no error in the classification of the trampolines and other equipment under...
Arbitration | Objections To Arbitral Award Execution Maintainable Only If Decree Is Void Or Without Jurisdiction : Supreme Court
The Supreme Court on Monday (November 3) ruled against the stalling of the enforcement of an arbitral award at the execution stage, reiterating that the objections against the execution of an award lie in a narrow compass, such as only when a decree is inherently void or passed without jurisdiction. A bench of Justices Sanjay Kumar and K.V. Viswanathan upheld the Delhi High Court's...
Customs | AIFTA Exemption Cannot Be Denied Without Verifying Certificate Of Origin: CESTAT
The Mumbai Bench of Customs, Excise, and Service Tax Appellate Tribunal (CESTAT) has stated that the AIFTA (ASEAN-India Free Trade Agreement) exemption cannot be denied without verifying the certificate of origin. Ajay Sharma (Judicial Member) and C J Mathew (Technical Member) noted that there is no allegation, let alone ascertainment, that the 'certificate of origin' corresponding...
Approval From Higher Authority Mandatory For Issuing Notice U/S 148 Income Tax Act After Expiry Of 3-Year Limitation: Madras High Court
The Madras High Court has held that under the new regime, approval from a higher authority, such as the Principal Chief Commissioner of Income Tax or the Principal Director General, is mandatory to issue a notice under Section 148 of the Income Tax Act after the expiry of a three-year limitation period. Justice C. Saravanan stated that …….three years from the end of the...
NCLT Mumbai Orders BSE, CDSL To Unfreeze Future Group Company's Demat Account
The National Company Law Tribunal (NCLT) at Mumbai Bench recently directed the Bombay Stock Exchange (BSE) and Central Depository Services (India) Ltd. (CDSL) to lift the debit freeze on the demat account of Future Corporate Resources Pvt. Ltd. (FCRL), a company led by Kishore Biyani.The order came after FCRL's Interim Resolution Professional (IRP) sought the removal of the freeze, saying...