MCA Issues Circular Clarifying The Issue Of 'Appointed Date' In Amalgamation Or Merger Schemes

The Ministry of Corporate Affairs (MCA) has issued a clarification with regard to the interpretation of the provision of section 232(6) of the Companies Act, 2013. The MCA said that it had received several queries on whether it is mandatory to indicate a specific calendar date as 'appointed date' in the schemes referred to in the section. After examining the matter in detail...

SAT Sets Aside Penalty Imposed By SEBI On Directors Of P G Electroplast As "Grossly Disproportionate"

The SAT was of the view that the AO had exceeded its power in imposing the maximum penalty under section 15J of the SEBI Act. Finding the penalty as “grossly disproportionate to the violation”, the impugned order imposing the penalty of 1 cr. each on the directors was set aside.

NCLAT Dismisses Government's Plea For Recovery From Videocon Industries During Moratorium

The NCLAT agreed with the view taken by NCLT, Mumbai that during the period of 'Moratorium', the Government could neither recover any amount nor issue demand notice to the Videocon through its Resolution Professional.

Basic Idea Behind Disgorgement Is Restitution: SAT Allows Investors' Plea For Compensation

The Securities Appellate Tribunal (SAT) has directed SEBI in a case to compensate victims of an investor fraud scheme by utilising funds either from the disgorgement money received from the wrongdoer, or from its 'Investor Protection and Education Fund'. The SAT is a tribunal that hears appeals against SEBI rulings. The direction...

NCLAT Allows Appeal Filed By ICICI Against RP Of Ruchi Soya Industries; Dismisses Claim Of Preferential Transactions

The NCLAT has allowed an appeal filed by ICICI Bank against the Resolution Professional of Ruchi Soya Industries, setting aside the NCLT order that had upheld the RP's claim of preferential treatment of its claims being done by the Corporate Debtor.The Resolution Professional (RP) of Ruchi Soya Industries had moved an application at NCLT Mumbai under section 43(1) of the Insolvency and...

NCLT Initiates Insolvency Proceedings On Homebuyer's Plea Against Builder For Defaulting Payment Of Refund [Read Judgment]

The Tribunal held that the plea cannot be regarded as one for recovery of debt.

Delay Or Insufficiency Of Services Are Not Issues Under The Competition Act: CCI

The Competition Commission of India has held that elements of anti-competitive agreement and abuse of dominant position stand on a higher platform than deficiency in services, thus such inefficiency in services will not form a competition issue. The observation was made by the Commission on a complaint by the National Consumers Co-operative Federation of India...

NCLT Initiates Insolvency Proceedings Against Builder On Homebuyers' Plea

The NCLT Delhi has admitted an insolvency petition filed by a group of 'homebuyers' against the builder Today Homes Noida India Ltd. The allottees of the flat (homebuyers) had entered into a Flat Buyers Agreement for allotment of flats in a residential project at Noida, with Today Homes during 2011-13, and had paid almost 90% of the purchase value. As per the agreement,...

Abuse On Account Of Collective Dominance Not Recognized By Indian Competition Regime: CCI Dismisses Allegation Of Cartelization By Telugu Film Producers [Read Order]

The competition commission of India has dismissed a complaint filed by Ashok Kumar Vallabhaneni, a Telugu Film & T.V. serial producer and distributor of dubbed Telugu movies against various studios engaged in the business of production and distribution of movies in Andhra Pradesh and Telangana. Ashok Kumar (Informant) had purchased the distribution and exhibition rights for...

Insolvency Proceedings Against Jet Airways in India And Netherlands- NCLAT to Decide The Legality of Dual Proceedings

What should the domestic company law tribunals do when a foreign court has already triggered insolvency proceedings against an Indian entity – this question has popped up before the NCLAT in the Jet Airways insolvency proceedings. In an interesting turn of events, the NCLAT while hearing an appeal filed by the Administrator appointed in the Dutch Bankruptcy Proceedings, has now sought...

CCI Directs DG To Probe If Intel Abused Its Dominant Position And Denied Market Access

The Competition Commission of India has directed the Director General (DG) to probe into allegations of abuse of dominant position by Intel Corporation and its Indian subsidiary Intel Technology India Private Limited. The decision came on a complaint filed by Matrix Info Systems Pvt. Ltd., (Informant), a Delhi based IT trading company engaged in the business of importing,...

NCLT Cautions RPs To Look Out For Excess Claims Made By Financial Creditors Against Corporate Debtor

The NCLT Principal Bench at New Delhi, while admitting an insolvency plea, has cautioned RP's to carefully settle the claims made by financial creditors, banks and financial institutions, in excess of what's actually owed to them by the Corporate Debtor. The petitioner (Operational Creditor) in the matter [S.A. Consultants and Forwarders Private Ltd. vs. Cargo Planners...