AI-curated court updates, legal developments, and practice-area insights for Indian legal professionals.
The ITAT ruled that CSR expenditure incurred before the 2015 statutory bar is allowable for AY 2012-13. It emphasized that the new provisions cannot be applied retroactively.
The NCLT in Ahmedabad has ordered the rectification of Ambuja Cements' share register, declaring the transfer of 21,000 equity shares as fraudulent. This ruling highlights the tribunal's stance on shareholder protection and fraudulent transactions.
NSE Academy has received NCLT Mumbai's approval for a selective capital reduction of ₹241.32 crore, allowing repayment of excess preference capital under Section 66 of the Companies Act. This ruling underscores the framework for capital reduction under corporate law.
The Debt Recovery Appellate Tribunal (DRAT) has dismissed Karur Vysya Bank’s late appeal, reiterating that procedural diligence is essential and that administrative lapses do not constitute sufficient cause.
The Karnataka High Court has ruled that free banking services, such as maintenance of Minimum Average Balance (MAB), do not constitute a taxable service, therefore exempting such services from service tax.
An NCLT ruling has reclassified a Yes Bank loan secured on promoters' property as unsecured debt under the Insolvency and Bankruptcy Code, addressing the legal standards for secured debts.
The NCLT has admitted an insolvency plea against a paper mill over an operational debt of ₹1.25 crore. The case was initiated under Section 9 of the Insolvency and Bankruptcy Code, marking a significant move in the operational sector.
The Reserve Bank of India has enacted third amendment directions related to the Cash Reserve Ratio and Statutory Liquidity Ratio for Commercial Banks, focusing on liquidity standards.
The Reserve Bank of India has introduced third amendment directions aimed at Cash Reserve Ratio and Statutory Liquidity Ratio for Small Finance Banks, enhancing liquidity norms.
The Reserve Bank of India has enacted third amendment directions related to the Cash Reserve Ratio and Statutory Liquidity Ratio for Urban Co-operative Banks.
The Reserve Bank of India has released third amendment directions regarding Cash Reserve Ratio and Statutory Liquidity Ratio for Rural Co-operative Banks.
The Reserve Bank of India has introduced third amendment directions concerning the Cash Reserve Ratio and Statutory Liquidity Ratio for Regional Rural Banks.
The Reserve Bank of India has issued directives instructing Commercial Banks on the implementation of the Kisan Credit Card Scheme to bolster credit access for farmers.