AI-curated court updates, legal developments, and practice-area insights for Indian legal professionals.
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.
The Reserve Bank of India has relaxed prior approval requirements for non-bank remittance platforms partnering with Authorised Dealer banks. This shift places the onus of compliance on the AD banks, enhancing customer protection.
The PFRDA has amended investment guidelines for the NPS to allow investments in Rupee Bonds issued by the New Development Bank, expanding investment options for pension funds.
The Pension Fund Regulatory and Development Authority (PFRDA) has relaxed rules on NPS annuity surrender, allowing it in cases of critical illness. This decision aims to enhance flexibility for annuitants facing hardships.
In a recent order, ROC Pune ruled that procedural lapses in a single private placement transaction do not warrant multiple penalties, clarifying the application of Section 42 of the Companies Act.
ROC Chennai has imposed penalties on a company and its director for a delay of over 500 days in filing the annual return MGT-7, confirming that such delays attract significant penalties under the Companies Act.
ROC Chennai has imposed penalties on a company and its director for failing to include PAN and email IDs of allottees in Form PAS-3. This emphasizes the strict compliance requirements under the Companies Act.
The Registrar of Companies has enforced penalties for holding duplicate Director Identification Numbers (DIN), despite the subsequent surrender of the duplicate DIN through DIR-5. Section 155 of the Companies Act strictly prohibits the possession of more than one DIN.
The NCLAT has upheld the Corporate Insolvency Resolution Process (CIRP) in a case involving ₹3.19 crore supply dues between joint venture partners, affirming that such dues constitute operational debt under the IBC.
The NCLT Mumbai has ordered a director to refund diverted rental income obtained through forged lease agreements, mandating return of funds with 12% interest. This ruling emphasizes accountability in corporate governance.
The NCLAT has upheld the Committee of Creditors' (CoC) discretion to favor a feasible resolution plan over a higher net present value (NPV) offer, rejecting Vedanta’s ₹17,926 crore proposal. This reinforces the CoC's commercial wisdom in deciding on plans during insolvency.
The National Company Law Appellate Tribunal (NCLAT) ruled that resolution applicants cannot alter financial proposals through last-minute addendums after the challenge process has begun. This decision reinforces the integrity of the bidding process in corporate insolvency resolution.
The Reserve Bank of India has announced the auction of various Government of India Treasury Bills, with significant amounts for 91-day, 182-day, and 364-day maturities.