AI-curated court updates, legal developments, and practice-area insights for Indian legal professionals.
The Reserve Bank of India has issued the Second Amendment Directions concerning Income Recognition, Asset Classification, and Provisioning for All India Financial Institutions, aiming to strengthen financial practices.
The Reserve Bank of India has introduced the Second Amendment Directions for Regional Rural Banks focusing on Income Recognition, Asset Classification, and Provisioning. This highlights a significant regulatory update aimed at improving financial stability.
The Reserve Bank of India has amended the Income Recognition, Asset Classification and Provisioning guidelines for Local Area Banks. This amendment aims to enhance the financial stability and supervisory framework for these banks.
The CESTAT Kolkata has set aside penalties under Section 114A, reversing the duty demand and confiscation following a failed reclassification of goods. The ruling highlights the need for accurate classification based on substantiated evidence.
The RBI has introduced reporting measures for FCNR(B) deposits and External Commercial Borrowings as part of its strategy to enhance capital inflows amid current economic conditions.
The CDSCO has initiated scrutiny over brand name extensions by pharma companies, signaling potential regulatory changes in the industry.
The Himachal Pradesh High Court recently ruled that isolated 'trap purchases' in a patent infringement case cannot establish jurisdiction. This decision reinforces the need for substantive connections in IP litigation.
RBI's draft guidance emphasizes the importance of board oversight and data governance as foundational elements for responsible AI deployment within financial institutions.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.
Khaitan & Co has facilitated a Composite Scheme of Arrangement for the amalgamation of Woodlands Multispeciality Hospital and RPSG Ventures Limited.
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.
SEBI's recent amendments to the Alternative Investment Fund (AIF) Regulations revise fees, filing requirements, and the process for funds available to Accredited Investors. These changes are set to enhance regulatory clarity and efficiency.