News Updates
Judicial Officers From Odisha Take Training On 'Artificial Intelligence & Law' From South Asian University
A group of Judicial Officers from the State of Odisha recently took virtual training on the subject of 'Artificial Intelligence & Law' imparted by Faculty of Legal Studies, South Asian University, New Delhi.Twenty Judicial Officers-cum-Master Trainers, ten from the cadre of District Judge and ten from the cadre of Civil Judge (Senior Division), were nominated and sponsored by the...
'Violated Sacred Trust & Duty': Odisha Court Sentences Man To Death For Stabbing Wife 33 Times, Slitting 6-Yr-Old Daughter's Throat
A Sessions Court in Odisha's Khurda district has sentenced a man to the extreme penalty of death for committing murder of his wife by stabbing 33 times and causing grievous hurt to his six-year-old daughter by slitting her throat.While terming the crime to be a betrayal of trust and love of wife and minor daughter, the 2nd Additional Sessions Judge, Bhubaneswar Ms. Bandana Kar...
Maharashtra Police Stations To Have Control Rooms, Digital Display Of Arrested Persons As State Govt Implements Provision Under BNSS
In a first, the Maharashtra Government has resolved to implement a provision of the newly enforced Bharatiya Nagarik Suraksha Sanhita 2023 (BNSS), mandating the establishment of control rooms in police stations in every District and at State level.As per a Government Resolution (GR) issued on August 1, the Maharashtra government has resolved to implement section 37 (a) and (b) of BNSS in...
India Has Potential To Be International Arbitration Hub For Commercial Businesses: Justice Hima Kohli
While speaking at an event in the national capital on the developments in the arbitration landscape in the country, Supreme Court Justice Hima Kohli said that India has the potential to be the “preferred choice” for International Arbitration for “commercial businesses”, having a “progressive legislative framework, a pro-enforcement judiciary and robust institutional...
SEBI's Proposed Measures To Curb Speculative Trading In Index Derivatives
The Securities and Exchange Board of India (SEBI) recently announced a series of proposed measures aimed at curbing speculative trading activities in the index derivatives segment. The SEBI's announcement arose from concerns about the exponential rise in trading volume within the futures and options (F&O) segment. Understanding Derivatives Derivatives are financial...
SEBI Introduces Quarterly Disclosure Requirements And New Committees For Stock Exchanges And Clearing Corporations
The Securities and Exchange Board of India (SEBI) has introduced amendments to the regulations governing stock exchanges and clearing corporations. The amended rules now require stock exchanges and clearing corporations to disclose their shareholding patterns on a quarterly basis on their respective websites following the same requirements and format specified in the Securities...
Ernakulam Consumer Commission Orders Rs 17.83 Lakhs As Compensation To Malayalam Film Actor
The Consumer Disputes Redressal Commission at Ernakulam recently ordered compensation of Rs 17,83,641 to Malayalam film actor Harishree Ashokan due to the supply and installation of defective tiles at his residence, 'Punjabi House'.The Bench comprising President D B Binu and Members Ramachandran V and Sreevidhia T N found that Peekya Tiles Centre (distributor), Kerala AGL World (manufacturer)...
Maintenance Charges And IFMS Not Financial Debt Under Section 5(8) Of IBC: NCLT New Delhi
The National Company Law Tribunal New Delhi bench of Bachu Venkat Balaram Das (Judicial Member) and Atul Chaturvedi (Technical Member) has held that maintenance charges and interest free maintenance security (IFMS) does not amount to financial debt within the meaning of Section 5(8) of the IBC. Brief Facts: The matter pertained to an application jointly filed by ILD Owners...
NCLAT Approves Byju's Settlement With BCCI
The Chennai bench of the National Company Law Appellate Tribunal (NCLAT) has approved a settlement between Byju's, a prominent ed-tech firm, and the Board of Control for Cricket in India (BCCI). This settlement which involves the payment of ₹158 crore in arrears will allow Byju's to exit insolvency proceedings that were initiated due to a petition from the BCCI. Justice Rakesh...
SEBI Fines IIFL Securities ₹3 Lakh For Mishandling Client Data
The Securities and Exchange Board of India (SEBI) has imposed a fine of ₹3 lakh on IIFL Securities for failing to maintain due diligence and care in its role as market intermediaries. This penalty arose from the mishandling of client data related to domicile information which impacted stamp duty obligations. Between July 2020 and June 2022, IIFL Securities registered 12,101...
SEBI Bars Omaxe Ltd. And Key Executives from Securities Market For Two Years; Imposes Rs 47 Lakh Fine For Financial Irregularities
The Securities and Exchange Board of India (SEBI) has imposed bar and penalties against real estate firm Omaxe Ltd., its Chairman Rohtas Goel, Managing Director Mohit Goel, and three other key figures. This order follows serious irregularities in the company's financial reporting. SEBI has banned Omaxe Ltd., Chairman Rohtas Goel, Managing Director Mohit Goel, and executives Sudhangshu...
SEBI Proposes Broader Definition Of 'Connected Persons' In Insider Trading Regulations To Include More Relatives
The Securities and Exchange Board of India (SEBI) has proposed to expand the definition of connected persons under the SEBI (Prohibition of Insider Trading) Regulations (PIT Regulations) to include more relatives. Under the current PIT Regulations, a connected person is defined as someone likely to have access to Unpublished Price Sensitive Information (UPSI) due to their employment...