Corporate
SEBI Penalises Reliance Securities ₹5 Lakh For Cyber Security Lapses Found During Investigation
The Securities and Exchange Board of India (SEBI) on Wednesday imposed a penalty of Rs 5 lakh on Reliance Securities Limited after the regulator found several violations of cyber security and cyber resilience norms during an inspection covering April 01, 2023 to October 31, 2024. The order, passed by Adjudicating Officer Amit Kapoor, said the brokerage failed to comply with critical...
Haryana RERA Directs Ocean Seven Buildtech To Refund Homebuyer's Payment After Deducting ₹25,000 Under Affordable Housing Policy
Haryana Real Estate Regulatory Authority (“Authority”) bench comprising of Phool Singh Saini (Member) clarified that when a homebuyer fails to comply with a payment demand in an Affordable Housing project, the builder may cancel the allotment only in accordance with clause 5(iii)(i) of the Affordable Group Housing Policy 2013. In such cases, the builder must refund the amount paid...
Madras High Court Quashes Order Allowing Pfizer To Seek Documents From Indian Drug Manufacturer For US Suit
The Madras High Court has overturned a Single Judge's order that had permitted pharmaceutical giant Pfizer to enforce Letters Rogatory issued by a United States court to obtain documents and testimony from Chennai-based Softgel Healthcare Pvt. Ltd. Letters Rogatory are formal requests sent by a court in one country to a court in another country seeking assistance in gathering evidence for a...
Delhi High Court Grants Relief To Tesla Inc, Extends Bar on Indian Company's Use of 'Tesla' Marks In EV Market
The Delhi High Court on Monday granted relief to the U.S.-based electric vehicle company Tesla Inc. by directing that the undertaking earlier given by the India-based Tesla Power India Pvt. Ltd., stating that it will not manufacture or market electric vehicles or use any mark deceptively similar to 'Tesla' for EVs, shall continue until the trademark infringement suit is finally decided.In...
Haryana RERA Directs Emaar MGF To Refund Homebuyers After Delayed Possession Of Nearly 4 Years
Haryana Real Estate Regulatory Authority (“Authority”) bench comprising of Phool Singh Saini (Member) directed Emaar MGF to refund the amount paid by the homebuyers after the builder provided possession with a delay of about 3 years and 10 months. Authority also allowed the builder to deduct 10 percent of the basic sale consideration of the flat, which was Rs 94.60 lakh,...
Delhi High Court Slaps ₹1 Lakh Cost On Litigant For Misusing Writ Jurisdiction To Stall DRT, NCLT Proceedings
The Delhi High Court recently imposed costs of Rs 1 lakh on a litigant while dismissing his writ petition that sought to halt proceedings pending before two Debts Recovery Tribunals and the National Company Law Tribunal. The Court held that the petitioner, Sanjeev Krishan Sharma, had failed to show any violation of fundamental rights, statutory mandate or natural justice that could...
Tamil Nadu Govt Waives E-Way Bill Requirement For Mahindra & Mahindra's Demo Cars With Trade Plate
The Government of Tamil Nadu has waived the requirement for generating E-way Bill for vehicles sent by Mahindra & Mahindra for road testing. Mahindra & Mahindra in a representation sought for waiving off requirement of E-way bill for motor vehicles for road testing under Rule 138A (5) of MGST Rules, 2017. Considering the difficulties faced in the generation of E-way...
Loss of ITC Due To Corporate Debtor's Default In GST Filing Is Not Operational Debt: NCLT Mumbai
The National Company Law Tribunal at Mumbai has recently held that operational creditors cannot claim GST-related dues arising from a corporate debtor's failure to file returns once the GST department has already lodged its own claim in liquidation. A coram of Judicial Member Mohan Prasad Tiwari and Technical Member Charanjeet Singh Gulati rejected the appeal filed by Instakart Services...
Delhi High Court Slams GST Authorities For 'Mechanically' Cancelling Registration Of BoAt's Parent Company
The Delhi High Court has slammed the GST authorities for cancelling the registration of Imagine Marketing Ltd., the parent company of smart wearables brand boAt, without considering the company's replies.A division bench of Justices Prathiba M. Singh and Shail Jain further criticised the GST Appellate Authority, which upheld the cancellation in a 'cavalier' manner. The judges...
Tribunal's Power To Probe Company's Fraud Cannot Be Misused For Debt Recovery: NCLT Ahmedabad
The National Company Law Tribunal at Ahmedabad has recently held that Section 213 of the Companies Act, which empowers the tribunal to order an investigation into a company's affairs, cannot be invoked for recovery of unpaid dues. A Bench of Judicial Member Shammi Khan and Technical Member Sanjeev Sharma, while dismissing a creditor's plea seeking an investigation into United Petrofer...
GST Migration Not Taxpayer's Burden: Delhi HC Directs CESTAT To Hear Appeal After Pre-Deposit Was Made Under Excise Head Due To Portal Failure
The Delhi High Court has held that where the Service Tax portal had become non-functional after the migration to the GST regime, the taxpayer cannot be compelled to make the mandatory pre-deposit strictly under the Service Tax ledger for maintainability of an appeal. The Court observed that once the deposit has already gone to the Government exchequer under the Excise Head. A...
Operational Creditor Cannot Become Financial Creditor Through Settlement: NCLT Mumbai
The National Company Law Tribunal (NCLT) at Mumbai has recently reaffirmed that an operational creditor cannot be converted into a financial creditor by way of a settlement with the corporate debtor. At the outset, the tribunal noted that Capacite Infraprojects Ltd was engaged only as a contractor for construction of 16 SRA buildings, and that the flats were never part of a real...