Corporate
Bank Cannot Unilaterally Withdraw Money From Joint Account To Recover Loan Owed By One Of The Holders: Orissa High Court
The Orissa High Court has recently ruled that a bank cannot unilaterally withdraw money from a joint account to recover a loan owed by only one of the account holders. The Court was dealing with a petition filed by Bharat Chandra Mallick, a retired railway employee, who challenged the State Bank of India's deduction of Rs 5 lakh from a joint account he held with his wife without prior notice....
CGST Rules | GST Registration Can Be Restored After Expiry Of Revocation Period If Rule 22(4) Conditions Are Fulfilled: Gauhati High Court
The Gauhati High Court has held that GST Registration can be restored even after expiry of the revocation period if the assessee complies with Rule 22(4) CGST (Central Goods and Services Tax Rules), 2017 requirements. The Single Bench, consisting of Justice Sanjay Kumar Medhi, opined that if the assessee submits such an application and complies with all the requirements as provided...
Automobile Dealers Association Moves Supreme Court Over Compensation Cess Lapse After GST 2.0 Reforms, Claims Loss Of Rs.2500 Cr
The Federation of Automobile Dealers Association has moved the Supreme Court seeking relief related to compensation cess input tax credit worth Rs.2500 crores, which stands locked in dealers ledgers as a consequence of recent revision in the Goods and Services Tax (GST) framework.Briefly put, a notification issued on September 17 scrapped the compensation cess on motor vehicles. This was done,...
“Value of Byju's Stake Cannot Be Preserved if Aakash Is Commercially Killed,” NCLAT Declines to Stay Rights Issue EGM
Observing that the value of Byju's stake in Aakash cannot be preserved if the subsidiary is commercially “killed”, the National Company Law Appellate Tribunal (NCLAT), Chennai Bench, refused to stay Aakash Educational Services Ltd.'s extraordinary general meeting (EGM) for a proposed rights issue scheduled on October 29. The tribunal dismissed a plea by GLAS Trust Company LLC, a...
NCLAT Chennai Refuses To Stay Aakash's EGM To Approve Rights Issue, Declines Plea By US-Based Lender
The National Company Law Appellate Tribunal at Chennai has rejected a plea by GLAS Trust Company LLC, the U.S.-based lender representing the creditors of crisis hit ed-tech Byju's, to stay the Extraordinary General Meeting (EGM) of Aakash Educational Services Ltd (AESL) scheduled for October 29, 2025. The EGM aims to approve a rights issue that would dilute Byju's 25.75% stake in AESL...
S.263 Income Tax Act Can Be Invoked When AO Fails To Address Core Issue In Assessment Order: Kerala High Court
The Kerala High Court held that Section 263 of the Income Tax Act, 1961, can be invoked where the Assessing Officer (AO) fails to address a core issue in the assessment order. The bench opined that the main issue does not appear to have been addressed by the assessing authority while issuing an order under Section 143(3) of the Act. Since the assessment order does not appear to...
Principles Of Natural Justice Are Non-Negotiable In Arbitral Proceedings Even If Tribunal Is Comprised Of Lay Persons: Madras High Court
The Madras High Court, while setting aside an arbitral award, has observed that despite the arbitral Tribunal comprising elder family members, who are lay persons and not well-trained legal minds, the principles of natural justice have to be followed. If an award is passed without giving an opportunity to either of the sides to present their case, the same would violate...
Customs Authorities Lack Jurisdiction To Issue Directions Under GST Law: Madras High Court
The Madras High Court recently held that Customs authorities have no jurisdiction to issue directions under the Goods and Services Tax (GST) law. The Court struck down a February 2021 public notice issued by the Chennai Customs that sought to regulate the GST treatment on auctioned cargo.A single bench of Justice N Anand Venkatesh ruled that such powers lie exclusively with authorities...
Supreme Court Explains Tests To Determine Urgency To Exempt Pre-Litigation Mediation In Commercial Suits
The Supreme Court held that when deciding a commercial suit involving a request for urgent interim relief in intellectual property infringement cases, the plaintiff's perspective must be duly considered, and courts may dispense with the mandatory pre-institution mediation requirement under Section 12A of the Commercial Courts Act, 2015 (“Act”). “The court is not concerned with the...
Bombay High Court Sets Aside ₹75 Lakh Compensation Awarded Against Hersheys India In Jumpin Drink Manufacturing Dispute
The Bombay High Court has recently set aside a Rs 75 lakh compensation awarded to Kanti Beverages Pvt. Ltd. against Hersheys India Pvt. Ltd. in a dispute over the contract to manufacture and package the fruit drink brand Jumpin. The court said the compensation was “picked virtually out of the hat” and had no basis.A single bench of Justice Somasekhar Sundaresan, in an order made available...
Supreme Court Transfers Eureka Forbes' Patent Infringement Suit Against Atomberg's “Intellon” Water Purifier To Bombay High Court
The Supreme Court has transferred a patent infringement suit filed by Eureka Forbes Limited before the Delhi High Court to the Bombay High Court, where a related suit by Atomberg Technologies Private Limited for “groundless threat of infringement” is already pending.A bench of Justice Pamidighantam Sri Narasimha and Justice Atul S Chandurkar allowed Atomberg's transfer petition and...