Different Posts Coincidentally Having Same Pay Scale Does Not Create Indefeasible Right To Pay Parity: Supreme Court

The Supreme Court on Monday observed that pay parity cannot be claimed as an indefeasible right unless the competent authority consciously decides to equate two posts despite their different nomenclature or qualifications.“pay parity cannot be claimed as an indefeasible enforceable right save and except where the Competent Authority has taken a conscious decision to equate two...

Karnataka Withholds Bill To Give Reservation For Locals In Private Jobs

The Karnataka Government on late Wednesday indicated that it was temporarily putting on hold the Bill to provide 50% reservation in management and 70% in non-management posts for Kannadigas in private industries and other organisations of the state.After criticism against the bill from various quarters, Chief Minister Siddarmaiah clarified that the bill - which was earlier said to have...

Supreme Court Forms Committee Led By Justice Ravindra Bhat To Address Investor Claims On Sai Group Of Companies

To deal with investor claims pertaining to the Sai Group of Companies, which are accused of illegal mobilization of funds, the Supreme Court recently invoked its power under Article 142 of the Constitution to appoint a High Powered Sale Committee (HSPC), to be headed by its former judge Justice S Ravindra Bhatt. It also granted interim bail to two founder-Directors of the companies, taking...

West Bengal Govt Constitutes Committee To Review New Criminal Laws, Suggest State-Specific Amendments

The West Bengal government has passed a resolution constituting a seven-member committee to review the newly implemented criminal laws in order to inter alia determine whether the names of the statutes need to be changed at a state level and to suggest state-specific amendments. The members of the committee are as follows:Justice (Retd) Ashim Kumar Roy, (Retired Justice, Calcutta High Court...

Doctrine Of Merger Won't Apply If SLP Was Dismissed Without Granting Leave Whether By Reasoned Order Or Not : Supreme Court

The Supreme Court on Monday (July 15) explained that when a petition for special leave to appeal is allowed by the court, the impugned judgment gets merged with the decision of the Supreme Court in the appeal arising from the SLP.“once leave has been granted in a Special Leave Petition, regardless of whether such appeal is subsequently dismissed with or without reasons, the doctrine of...

Supreme Court To Hear Overseas Citizen's Plea For NOC From CARA For Inter-Country Adoption

The Supreme Court on Tuesday (July 16) issued notice in a petition seeking the inter-country adoption of two children by a 49-year-old single Indian woman who resides in the United Kingdom. The petitioner, an Overseas Citizen of India, wanted to take her adopted children to the UK along with her. She is aggrieved by the procedural challenges coming in her way for seeking a No...

Reserve Bank of India Updates Basel III Capital Regulations

The Reserve Bank of India (RBI) has clarified the eligibility criteria for Credit Rating Agencies (CRA) under the Basel III Capital Regulations. Under the revised guidelines, banks can obtain fresh ratings from Brickwork Ratings India Private Limited for loans not exceeding Rs. 250 crore. Additionally, the CRA will continue to conduct rating surveillance for existing...

Reserve Bank of India Issues Revised Master Directions On Fraud Risk Management For Cooperative Banks

The Reserve Bank of India (RBI) has issued revised Master Directions on Fraud Risk Management for Urban Cooperative Banks (UCBs), State Cooperative Banks (StCBs), and Central Cooperative Banks (CCBs). The revised Directions, titled "Reserve Bank of India (Fraud Risk Management in UCBs / StCBs / CCBs) Directions, 2024," replace the earlier guidelines. They require Cooperative...

RBI Issues New Directions On Fraud Risk Management For NBFCs & HFCs

The Reserve Bank of India (RBI) issued updated guidelines titled "Master Directions on Fraud Risk Management in Non-Banking Financial Companies (NBFCs) (including Housing Finance Companies)”. The new Master Directions apply to all NBFCs and HFCs categorized in the Upper, Middle, and Base Layers with an asset size of ₹500 crore and above. Collectively termed as "Applicable...

Electrosteel Castings Promoters Settle Insider Trading Allegations With SEBI For Rs 1.36 Crore

The promoters of Electrosteel Castings Limited (ECL) have settled allegations of insider trading with the Securities and Exchange Board of India (SEBI) by paying a total of Rs 1.36 crore. The investigation by SEBI covered trading activities by promoter group entities of ECL between May 17, 2020, and January 6, 2021. During this period, SEBI noted the trades made by Amit Kumar...

Supreme Court Weekly Round-Up (08 July-13 July, 2024)

Live Law has got you covered with all the latest updates of this last week. This digest aims to inform you about the latest judgments, orders, and Public Interest Litigations (PILs) filed in the Supreme Court during the past week and the updates of the Constitution Bench hearing on the taxation matter of mineral-bearing lands, providing a succinct overview.Judgments/ Orders...

Is TDS Applicable To Allowances To Judicial Officers Under SNJPC? Supreme Court To Consider

The Supreme Court is set to examine the issue of the applicability of provisions of Tax Deduction at Source (TDS) on the allowances given to judicial officers under the Second National Judicial Pay Commission (SNJPC) . The Court is examining this issue in the All India Judges Association case in which it is overseeing the implementation of the recommendations of the Second National Judicial...