Non-Declaration Of Beneficial Ownership U/S 9 Companies Act Does Not Amount To Oppression & Mismanagement: NCLAT New Delhi

The National Company Law Appellate Tribunal (NCLAT), New Delhi, comprising Justice Yogesh Khanna (Member-Judicial) and Mr. Ajai Das Mehrotra (Member-Technical), has held that the non-declaration of the beneficial ownership under section 89 of the Companies Act, 2013, doesn't amount to oppression and mismanagement. The bench ruled that section 89 casts a duty upon the owner to...

Customs Commissioner Cannot Reassess Duty On Warehoused Imports Cleared From Refineries Beyond His Jurisdiction: Gujarat High Court

The Gujarat High Court stated that the customs commissioner cannot reassess duty on warehoused imports cleared from refineries beyond his jurisdiction. Justices Bhargav D. Karia and Justice Pranav Trivedi agreed with the Tribunal that a proper officer having the administrative jurisdiction over the respective refineries where the goods were removed under section 67 of the Customs...

Supreme Court Stays Bombay High Court Order Restricting Kirloskar Trademark Licensing

The Supreme Court on October 17 stayed a Bombay High Court order that had barred Kirloskar Proprietary Limited from licensing the 'Kirloskar' trademark to other group companies operating in businesses that overlap with Kirloskar Brothers Limited.The interim order was passed by a Division Bench of Justices Manoj Misra and Ujjal Bhuyan. The court noted that the licensing ban was added through...

Revenue Cannot Treat Sale Price As 'Tax Inclusive' Without Proof: Gujarat High Court Quashes ₹25.53 Crore Penalty On Coca-Cola

The Gujarat High Court, while quashing the penalty of Rs. 25.53 Cr. on Hindustan Coca-Cola, stated that the amount of tax could not have been bifurcated by the revenue simply because the sales had been inclusive of tax. The bench found that there is no evidence on record to show that the assessee had collected any amount by way of tax from its distributors, retailers or customers, as...

SEBI Proposes Standard Process For Opening Mutual Fund Accounts & First Investments

The Securities and Exchange Board of India (SEBI) has proposed a new standard process for opening mutual fund accounts and executing the first investment. The move is aimed at ensuring that all new accounts are fully KYC-compliant before any money is invested.Currently, mutual fund companies carry out their own KYC checks when opening a folio and then send the investor's documents to a...

NCLT Rejects Byju's' Plea to Halt Aakash's Proposed Rights Issue

The National Company Law Tribunal (NCLT) at Bengaluru, has recently refused to grant interim relief to insolvent ed-tech Byju's (Think and Learn Pvt Ltd) in its bid to stop Aakash Educational Services Ltd. (AESL) from proceeding with a proposed rights issue.The order, allows AESL to hold its Extraordinary General Meeting (EGM) on October 29 as scheduled.The order was passed by a coram...

Bombay High Court Stays DGFT Notification Changing Classification Of Roasted Areca Nuts; DGFT Issues Fresh Notification

The Bombay High Court has granted a stay on the Notification issued by the DGFT (Directorate General of Foreign Trade) seeking to alter the classification of “Roasted Areca Nuts”. Subsequently, on 15th October, 2025, the DGFT, having realised the mistake, issued a fresh Notification rectifying the same. Justices B.P. Colabawalla and Amit S. Jamsandekar were addressing a...

Amount Paid As Advance Consideration Constitutes Operational Debt Under Section 5(21) Of IBC: NCLAT

The National Company Law Appellate Tribunal (NCLAT) New Delhi held that an amount paid as advance consideration constitutes an Operational Debt under section 5(21) of the IBC especially when the said amount is reflected in the audited balance sheet of the corporate debtor as advance without any qualifying note by the auditor. A bench comprising Justice Yogesh Khanna (Judicial Member)...

NCLT Cuttack Orders Initiation Of CIRP Against Bhilai Jaypee Cement Limited

The National Company Law Tribunal (NCLT), Cuttack Bench, Deep Chandra Joshi (Member-Judicial) and Banwari Lal Meena Banwari Lal Meena (Member-Technical) has initiated the CIRP against Bhilai Jaypee Cement Limited, a subsidiary of the debt-ridden group Jaiprakash Associates Limited, for a default of Rs 45 crore. The petition under section 9 of the IBC was filed by...

NCLT Cannot Recall Order Passed On Merits Under Rule 11 Of NCLT Rules 2016: NCLAT Chennai

The National Company Law Appellate Tribunal (NCLAT), Chennai Bench, comprising Justice Sharad Kumar Sharma (Member-Judicial) and Jatindranath Swain (Member-Technical), has held that an order passed on merits cannot be recalled by the NCLT under rule 11 of the NCLT Rules, 2016. Background The CIRP of the corporate debtor was initiated, and the appellant turned out to be the...

Suspended Directors' Duty To Sign Balance Sheets Continues During CIRP, Any Acknowledgment Extends Limitation Against Personal Guarantor: NCLAT

The National Company Law Appellate Tribunal (NCLAT) New Delhi held that since the liability of the guarantor is co-extensive with that of the borrower, any acknowledgment of liability by the corporate debtor extends the limitation period against the guarantor also. The Tribunal also held that signing balance sheets is a statutory duty of the directors of a company from which they...

Supreme Court To Examine If Transfer Of Leasehold Rights Attracts GST

The Supreme Court is set to examine whether the assignment of leasehold rights constitutes a “transfer of land” or amounts to a “supply of service” under the Goods and Services Tax (GST) regime.A bench of Justice Pankaj Mithal and Justice Prasanna B. Varale was dealing with Centre's plea challenging a Gujarat High Court judgment that held that assignment of leasehold rights in land...