Corporate
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...
Byju's Insolvency | Supreme Court Refuses To Interfere With NCLAT Order Allowing Byju's Subsidiary Aakash To Proceed With Rights Issue
The Supreme Court on Monday refused to interfere with an order of the National Company Law Appellate Tribunal (NCLAT) which had allowed Aakash Educational Services Ltd., a subsidiary of Byju's (Think and Learn Pvt. Ltd.), to proceed with its proposed rights issue.A bench of Justice PS Narasimha and Justice Atul Chandurkar dismissed two appeals filed by US-based lender GLAS Trust Company LLC...
Delhi Court Bars 'Goldey' Brand for Being Deceptively Similar to Goldiee Masale
A Delhi Commercial court has barred a Tripura-based trader from using the brand name “Goldey”, ruling that it is deceptively similar to “Goldiee”, the registered trademark of the well-known Indian spice company Shubham Goldiee Masale Pvt. Ltd. The ruling came on October 25 after the trader failed to appear in court despite receiving summons. The case was heard at the Commercial Court...
Delhi Court Grants Panasonic Life Solutions Relief Against Fake 'Anchor' Products
A Delhi Commercial Court recently granted a permanent injunction in favour of Panasonic Life Solutions India Pvt. Ltd. (formerly Anchor Electricals Pvt. Ltd.) against a group of individuals found to be manufacturing and selling counterfeit products under the 'ANCHOR' brand. In an order passed on October 18, District Judge Vidya Prakash at the Commercial Court, Tiz Hazari ruled that...
Delhi Court Restrains Rampur Restaurant from Using 'Karim's Food', Awards Rs 2 Lakh to City Chain
A commercial court in Delhi recently restrained a Rampur-based restaurant from using the name “Karim's Food”, holding that it was deceptively similar to the iconic Mughlai restaurant chain Karim's in Delhi. The court also awarded Rs 2 lakh as punitive damages to the Delhi-based restaurant group, which has been serving Mughlai cuisine for over a century. In an order passed on October...