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IBC | CIRP Of Holding Company Cannot Include Subsidiary's Assets: Supreme Court
The Supreme Court on Monday (July 23) held that a holding company is not the owner of its subsidiary's assets and thus, subsidiary assets cannot be included in the holding company's resolution plan.A bench of Justice Abhay Oka and Justice Pankaj Mithal dismissed an appeal filed by a Successful Resolution Applicant of a Corporate Guarantor against NCLT's decision to admit Financial...
'Dishonest, Misleading': SEBI Rejects Defence And Mandates Disclosure, Shareholder Approval For Material Related Party Transactions
The Securities and Exchange Board of India (SEBI) has issued a final order concerning Linde India Limited (LIL) and its related party transactions (RPTs) with Praxair India Pvt Ltd (PIPL) and Linde South Asia Services Pvt Ltd (LSASPL). The decision follows exchange between SEBI and LIL which began after SEBI's interim order on April 29, 2024 that questioned the legitimacy of...
SEBI Fines IFGL Rs. 4 Lakh For Regulatory Breaches And Deficient Investor Grievance System
The Securities and Exchange Board of India (SEBI) has fined Delhi-based Indian Finance Guaranty Ltd (IFGL) Rs. 4 lakh for failing to meet regulatory standards particularly in relation to its investor grievance system. SEBI conducted an inspection of IFGL which uncovered regulatory breaches. The primary issues identified included IFGL's engagement in fund-based activities and...
Supreme Court Collegium Recommends One-Year Extension For Nine Additional Judges Of Calcutta High Court
The Supreme Court Collegium has recommended an extension of tenure by one year for nine additional judges of the Calcutta High Court.The Collegium comprising CJI DY Chandrachud and Justices Sanjiv Khanna and BR Gavai has recommended the names of the following additional judges for extension of tenure:Justices (i) Biswaroop Chowdhury, (ii) Partha Sarathi Sen, (iii) Prasenjit Biswas, (iv)...
Supreme Court Allows Petitioner-in-Person To Convert Writ Petition As SLP; Grants Interim Protection From Coercive Action
In a notable case, the Supreme Court recently refrained from turning away a petitioner, who appeared in person, merely because he availed of a wrong remedy (a writ petition under Article 32) and allowed him to convert the writ petition into a special leave petition under Article 136 of the Constitution."...it would be expedient for the ends of justice to grant liberty to the petitioner to...
Agreement Executed Between Saint Gobain India And Its Processor Is Not Anti-Competitive, CCI Dismisses Complaint Against Saint Gobain India
The Competition Commission of India (Commission) bench, comprising Ms. Ravneet Kaur (Chairperson), Ms. Sweta Kakkad (Member), and Mr. Deepak Anurag (Member), has dismissed the complaint against Saint Gobain India. The bench found that the exclusive supply obligations, co-branding arrangements, and resale price maintenance clauses in the agreement between Saint Gobain India and one of...
Supreme Court Refuses To Entertain Plea To Include Tribunals In National Judicial Data Grid
The Supreme Court today ( July 24) declined to hear a petition seeking the inclusion of Tribunals in the National Judicial Data Grid (NJDG).The bench of CJI DY Chandrachud and Justices JB Pardiwala and Manoj Misra dismissed the petition considering that the NJDG is a part of the E-Courts project which only covers the functioning of Courts.The NJDG is a key part of the e-Courts project,...
Supreme Court Seeks Personal Affidavit On Goa Chief Secretary On Lesser Pay Scale For Staff Of Bombay HC Goa Bench
The Supreme Court today (July 24) sought a response from the Chief Secretary of Goa Government over the non-implementation of directions for pay upgradation given by the Bombay High Court Chief Justice. The directions for upgrading the pay scale, issued under Article 229 of the Indian Constitution, were meant for Group A and B Secretariat Staff of the Bombay High Court. It was the grievance...
Supreme Court Asks Full Court Of MP High Court To Re-Consider Dismissal of 6 Women Judicial Officers
The Supreme Court (yesterday on July 23), in a suo motu writ petition registered regarding the simultaneous termination of services of 6 female civil judges in Madhya Pradesh, asked the full court of the MP High Court to reconsider the issue. The matter pertained to 6 female judges appointed to the Judicial Services of the State of Madhya Pradesh who were terminated from service last year by...
Senthil Balaji Bail Plea | Supreme Court Asks ED To Show Incriminating File Was Found In Pen Drive Seized From His Home
The Supreme Court on Wednesday (July 24) in Senthil Balaji's bail plea asked the Directorate of Enforcement (ED) to show that the pen drive recovered from Balaji's residence contains a file which allegedly has evidence of proceeds of crime worth Rs. 67 Crores.MLA and former Tamil Nadu minister Balaji has been accused in a money laundering case linked to the cash-for-jobs allegations. Balaji...
Supreme Court Bench Pauses Contempt Case Over DDA Tree Felling Noting That Another Bench Has Taken Up Same Issue Later
A bench led by Justice BR Gavai of the Supreme Court on Wednesday (July 24) halted the contempt proceedings initiated by it against the Delhi Development Authority Vice Chairman over illegal tree felling, after noting that another bench led by Justice AS Oka took up the same contempt case later.Justice Gavai pointed out that his bench initiated contempt proceedings against DDA prior in time,...