Latest court orders, judgments, and legal developments from Indian courts — AI-curated and summarized.
The Telangana High Court granted conditional bail in a significant ₹12 crore HSNS Cess evasion case, considering custody duration and the absence of a custody petition. Practitioners should note the Court's approach to balancing judicial discretion and custodial rights.
RBI's draft guidance emphasizes the importance of board oversight and data governance as foundational elements for responsible AI deployment within financial institutions. This is part of a broader initiative to ensure accountability in data usage.
The Reserve Bank of India (RBI) has canceled the registrations of 135 non-banking financial companies (NBFCs) under Section 45-IA. This action reflects ongoing regulatory scrutiny and adherence to the 'SBR framework' for ensuring cooperative and healthy practices within the sector.
The Bombay High Court has remanded the proceedings regarding wilful defaulter orders, allowing for their withdrawal due to violations of natural justice. Fresh proceedings will require the disclosure of relevant material, personal hearings, and reasoned orders.
The Gujarat High Court granted anticipatory bail to petitioners involved in a partnership dispute, clarifying that financial discrepancies in ITRs do not constitute evidence of a money lending offence.
The Calcutta High Court quashed a show cause notice issued by Bank of Baroda, ruling that reliance on an inconclusive forensic audit report without further inquiry was unjustified.
The Punjab and Haryana High Court emphasized that simply stating a taxpayer's response as 'not satisfactory' is insufficient for valid GST adjudication. The court's ruling underscores the need for a detailed assessment of a taxpayer's justification.
The Calcutta High Court declined TMC's request to operate frozen bank accounts linked to an ED investigation worth ₹440 crore.
Khaitan & Co has facilitated a Composite Scheme of Arrangement for the amalgamation of Woodlands Multispeciality Hospital and RPSG Ventures Limited.
A judge of the Allahabad High Court has filed a petition against the denial of tax exemption on statutory allowances. The Court has requested responses from the government and the CBDT.
The NCLT has accepted a Section 7 insolvency plea by Indian Overseas Bank against a toll road company following a ₹117.74 crore debt default.
The Orissa High Court ruled that a corporate debtor cannot be criminally prosecuted for environmental violations occurring before the initiation of Corporate Insolvency Resolution Process (CIRP) once a resolution plan is approved and a new management is in place.