Corporate
NCLT Mumbai Sanctions Vedanta Demerger Plan
The National Company Law Tribunal (NCLT) at Mumbai on Tuesday sanctioned Vedanta Ltd's demerger, approving the restructuring scheme under which the metal and mining conglomerate will split its businesses into separate sector focused entities. The order was pronounced by a bench comprising Judicial Member Nilesh Sharma and Technical Member Charanjeet Singh. "From the material on record,...
Delhi High Court Directs To Re-Assess Bills Of Entry, Allows Infra Cess Exemption On E-Golf Carts Owing To Technical Glitch
The Delhi High Court in a matter where importer could not avail Infrastructure Cess exemption due to technical glitch, has directed the Customs Department to re-assess and refund the excess Infrastructure Cess of ₹55,876.29 paid by the Petitioner on imported electrically operated golf carts. A Division Bench comprising Justice Prathiba M. Singh and Justice Shail Jain, observed that...
Delhi High Court Imposes ₹20 Lakh Costs On Instant Bollywood Founder In Trademark Dispute
The Delhi High Court has imposed costs of Rs 20 lakh on Instant Bollywood founder Mandeep Singh for suppressing material facts about his knowledge of four trademark registrations first secured in Shabir Momin's name and subsequently assigned to Times Internet, while ordering status quo on the assignment. The court held that Singh failed to disclose key documents showing that he was aware...
Customs Act | Penalty U/S 112 Cannot be Imposed Solely On Co-Accused's Statement Without Corroborative Evidence: CESTAT Kolkata
The Kolkata Bench of Customs, Excise, and Service Tax Appellate Tribunal (CESTAT) held that a mere allegation by a co-accused that the assessee handed over gold cannot serve as the sole basis for imposing a penalty under Section 112 of the Customs Act. The bench clarified that in the absence of any independent corroborative evidence supporting this claim, the statement of the co-accused...
Bombay High Court Temporarily Restrains Kataria Insurance Brokers From Using 'KATARIA' Trademark
The Bombay High Court has temporarily restrained Ahmedabad-based Kataria Insurance Brokers Private Limited from using the name “KATARIA INSURANCE” or any other name, mark or website containing the word “KATARIA” for insurance-related services. The court held that such use is deceptively similar to the registered trademark of Mumbai-based Kataria Jewellery Insurance...
Accused Cannot Demand Company and Bank Records During Investigation To Answer Queries: Delhi High Court
The Delhi High Court has held that an accused cannot invoke Section 91 of the Code of Criminal Procedure to seek production of company and bank records during an ongoing investigation merely to help him answer questions during interrogation, ruling that such a demand would amount to allowing the accused to interfere with the investigation. Dismissing a petition filed by Shantanu Prakash,...
Oppression Claims Against Majority Shareholders Not Ground To Wind Up Company: NCLT Mumbai
The National Company Law Tribunal (NCLT) at Mumbai has dismissed a winding up plea against Nissan Motor India's former sales and distribution partner Hover Automotive India Pvt Ltd, holding that allegations of oppression by majority shareholders cannot justify liquidation when alternative remedies exist under the Companies Act. A coram of Judicial Member Sushil Mahadeorao Kochey and...
Centre Projects ₹47,700 Crore Revenue Loss Amid GST Rate-Rationalisation
The Centre has estimated a Net Negative Revenue loss of ₹ 47,700 crore due to GST rate-rationalisation. However, it was clarified that shift from 28% to the 40% tax bracket were projected to account for an additional revenue of approximately ₹45,570 Crore. The Finance Ministry in response to whether a Group of Ministers were to be constituted by the GST Council to address the...
Extra Profit Received By Broker Due To Technical Glitch Not Unjust Enrichment: Bombay High Court Upholds Award In Favour Of Kotak Securities
The Bombay High Court has held that profits earned by a client by utilising an increased trading margin erroneously reflected due to a technical glitch in the broker's system cannot be treated as “unjust enrichment”. The Court observed that mere availability of margin created an opportunity to trade, but the profits ultimately arose from the client's skill and risk-taking, and...
Centre Proposes Mandatory Blanket Licence for AI Training on Copyrighted Works, Royalties for Creators
The Centre has proposed a mandatory blanket licence that would allow artificial intelligence developers to train their systems on all lawfully accessed copyrighted works as a matter of right, while requiring them to pay statutory royalties to copyright owners, rejecting both a broad “fair dealing” expansion and a commercial text and data mining exception. The proposal is contained in...
Breach of Settlement Terms No Ground To Recall Order Disposing Of Insolvency Proceedings: NCLAT
The National Company Law Appellate Tribunal (NCLAT) at Chennai has recently ruled that non-compliance with compromise terms cannot justify recall of a final order disposing of insolvency proceedings and must be addressed through execution proceedings. A bench of Judicial Member Justice Sharad Kumar Sharma and Technical Member Indevar Pandey held that once a case is finally disposed of on...