Latest court orders, judgments, and legal developments from Indian courts — AI-curated and summarized.
The Reserve Bank of India has amended the Foreign Exchange Management Regulations for exports, enhancing compliance measures under the Foreign Exchange Management Act. These changes streamline requirements for exporters of goods and services, ensuring better regulatory oversight.
Puran Associates Private Limited has been penalized for failing to comply with asset classification provisions according to RBI regulations. This emphasizes the scrutiny on asset management practices.
The Registrar of Companies has penalized a company for issuing shares at a price below the registered valuer’s determined value, reinforcing compliance with Section 62(1)(c) of the Companies Act.
The NCLAT ruled that dismissal for want of prosecution was unwarranted as multiple adjournments arose from the Tribunal's own constraints, underscoring fairness in judicial proceedings.
The Calcutta High Court has barred the regional director from permitting the Hindusthan Glass head office shift during pending appeals at NCLAT, clarifying the interpretation of relevant provisions.
The DGFT has expanded the Quality Control Order exemption for SEZ imports and mandated BIS compliance for domestic clearance.
The DGFT has introduced stricter regulations for silver imports, requiring valid import authorisation for agencies previously exempted.
The Delhi High Court permitted the withdrawal of a sugar supply recovery suit, stating that the settlement through an NCLT-approved IBC plan warranted a full refund of court fees.
The Calcutta High Court upheld its previous ruling on the diesel escalation clause, stating that it correctly applied legal principles regarding contractual obligations. The court ruled that it cannot rewrite contracts between parties.
The NCLT has approved a ₹17.25 crore resolution plan, stating that statutory obligations cannot be waived due to COVID-19-related disturbances. This ruling addresses the challenges during CIRP amid financial uncertainties.
The ITAT has ruled that payments made under Corporate Social Responsibility (CSR) fulfill the criteria for deductions under Section 80G of the Income Tax Act, provided all conditions are met.
A Superintendent of the Income Tax Office in Bhadrak, Odisha, has been apprehended by the CBI for allegedly demanding ₹4,000 as a bribe. The case highlights ongoing corruption issues within public offices.