Latest court orders, judgments, and legal developments from Indian courts — AI-curated and summarized.
ROC Kolkata has levied penalties against a company for incorrectly stating the applicability of consolidated financial statements in its AOC-4 XBRL filing, affirming that mistakes in MCA filings can attract liability.
ROC Delhi has issued penalties for a company's failure to establish mandatory Audit and Nomination Committees, emphasizing the necessity of compliance with corporate governance regulations.
The Registrar of Companies, Delhi, has imposed penalties on a company for failing to appoint an internal auditor within the mandated timeframe, emphasizing that lack of guidance cannot excuse such delays.
The government has raised customs duties on precious metals, including gold, silver, and platinum, following amendments to previous notifications. This marks a significant adjustment in the customs duty landscape for the sector.
The Madras High Court has directed the Regional Director to hear Nidhi companies and issue final orders within four weeks after the Ministry of Corporate Affairs missed a critical deadline. This ruling underscores procedural adherence in corporate regulatory practices.
Amendments to Foreign Exchange Management regulations now allow up to 100% foreign direct investment in the insurance sector under the automatic route, subject to regulatory compliance.
The RBI has issued draft directions governing the treatment of specified non-financial assets acquired during the recovery of non-performing loans, detailing valuation and disposal requirements.
The RBI has introduced new regulations under FEMA, streamlining authorisation norms for forex service delivery and reducing compliance burdens for entities.
Amendments to the capital adequacy norms for Payments Banks now allow for quarterly profit recognition, contingent on audit compliance and prescribed deductions.
Amendments involving capital adequacy norms have been made for Small Finance Banks, revising quarterly profit inclusion in CET1 capital calculations alongside audit requirements.
The RBI has amended the guidelines for commercial banks regarding the recognition of current year profits in CRAR calculations, allowing quarterly recognition subject to audit requirements.
The RBI has revoked the banking licence of Sarvodaya Co-operative Bank following findings of inadequate capital and non-compliance with regulatory provisions. This step is taken to protect depositors and public interest.