AI-curated court updates, legal developments, and practice-area insights for Indian legal professionals.
The Kerala High Court upheld Union Bank's rights under the SARFAESI Act, ruling that an attachment following an equitable mortgage was ineffective and ordered the removal of the said attachment.
The Supreme Court affirmed that income tax penalty notices must clearly specify the exact charge under Section 271(1)(c). This ruling underscores the necessity for precision in tax penalty communications.
The National Company Law Tribunal ruled that the resolution professional can recover and preserve corporate debtor’s electric vehicle assets during the Corporate Insolvency Resolution Process, leaving pending dues claims for separate adjudication.
The Reserve Bank of India has released a circular outlining the operations and guidelines for Special Rupee Vostro Accounts (SRVAs), aimed at enhancing international trade settlements in Indian Rupees (INR). This move signals a strategic step towards furthering India's global trade footprint.
SEBI's recent circular operationalizes the ISIN-level freeze of promoter holdings during buy-back processes, mandating depositories to implement this framework by 1 August 2026.
SEBI has initiated a comprehensive review of Portfolio Managers Regulations. The proposed amendments include compliance measures, new investment avenues, and the integration of Mutual Fund Portfolio Management Services (MF-PMS), with feedback due by 13 August 2026.
SEBI seeks stakeholders' comments on a draft circular that proposes a streamlined Online Dispute Resolution (ODR) framework for the securities market. This includes revisions to the SCORES process and roles of Market Infrastructure Institutions (MII).
The Bombay High Court has set aside previous wilful defaulter orders, remanding the case for fresh proceedings due to violations of natural justice principles. Relevant material must now be disclosed, and reasoned orders issued.
The NCLT has ruled that the resolution professional can recover and preserve the assets of a corporate debtor during the corporate insolvency resolution process (CIRP), despite any existing arbitration agreements. This ruling clarifies asset recovery during insolvency proceedings.
The recently enforced India-Sri Lanka Tax Protocol aims to provide double taxation relief along with anti-abuse measures effective from FY 2027.
The Calcutta High Court quashed the wilful defaulter notice issued to SREI, citing non-compliance with RBI master circulars regarding the issuance of such notices.
The Karnataka High Court upheld the disqualification of a company from a tender process due to the director's tax default. The ruling suggests that de facto control by directors in tax compliance is crucial.
The National Company Law Tribunal (NCLT) has ruled that an arbitration agreement does not prevent the recovery of a corporate debtor's electric vehicle assets during the Corporate Insolvency Resolution Process (CIRP), leaving a claim of ₹1.14 crore open for separate adjudication.