Rejecting the contention of the auditors and others that they cannot be treated as part of the management, which is responsible for managing the affairs of the company and therefore should not be charged as per the said section, the NCLAT said that rules of natural justice are to be followed.
Amazon has filed a legal challenge at the National Company Law Appellate Tribunal (NCLAT) against the Competition Commission of India's (CCI) suspension of the US e-commerce giant's 2019 deal with Future Retail (FRL). Amazon has challenged the CCI order on at least five grounds, and the matter is likely to be listed this week, according to the sources. Parallelly, Amazon's Indian unit has approached the Supreme Court against a halt on an arbitration case against Future Retail's (FRL) asset sale to Reliance Industries (RIL).
The government is also planning to set up specialised Benches for competition law to reduce the burden of the appellate tribunal, which is referred to on all matters from company law and IBC to competition law and the national financial reporting authority.
Government auditor CAG has expressed concern over the post of chairperson of Cyber Appellate Tribunal lying vacant for about five years, saying this has led to not a single case being heard or disposed of despite pending appeals.
US e-commerce major Amazon Wednesday apprehended the "disappearance" of assets and sought an interim order from the Supreme Court to ensure the preservation of assets of Future Retail Ltd besides resumption of arbitration over FRL's merger deal with Reliance Retail. A bench comprising Chief Justice N V Ramana and Justices A S Bopanna and Hima Kohli took note of the allegations of the US firm that the "applecart was being upset" by its rivals and asked the Future group firms, FRL and Future Coupons Ltd (FCPL), to respond to the interim plea of Amazon seeking resumption of arbitration and preservation of assets and fixed the hearing on March 23. Amazon and Future group are engaged in multi-forum litigations on the issue of FRL's merger deal to the tune of Rs 24,500 crore with Reliance Retail Ltd after the US e-commerce giant dragged the latter to arbitration at the Singapore International Arbitration Centre (SIAC) in October 2020.
The Centre said that the arbitration under United Nation Convention on the Law of Sea (UNCLOS), which was instituted on a request from the Republic of Italy has delivered its Award on May 21, 2020.
Since the bankcuptcy law came into effect from December 2016, with every quarter, the recovery rate has progressively been going down, notes Tamal Bandyopadhyay.
A bench of Chief Justice Ranjan Gogoi and Justice S K Kaul said the case will be heard on January 8.
To facilitate the appeals, 200 new FTs will be functional from Monday, in addition to 100 already existing.
The Jamaica Anti-Doping Commission (JADCO) has hit back at allegations of poor administration and a lack of controls by a former official, insisting the authority's practices meet global standards.
The Budget proposed abolishing the under-performing, authority of advance ruling, to replace it with a two-member board of advance ruling.
E-commerce major Amazon has written to Sebi yet again, apprising the market regulator of the formation of the arbitration tribunal at SIAC while urging it to suspend the review of the Rs 24,713 crore Future-RIL deal. It has also filed an appeal with the division bench of the Delhi high court against the December 21 order of the single member bench, according to sources.
The principal bench of the (CAT) took suo moto cognisance of the behaviour of advocate Mehmood Pracha, while arguing the case of Sanjiv Chaturvedi, an Indian Forest Service officer of Uttarakhand cadre on deputation to All India Institute of Medical Sciences, Delhi, who filed different applications with regard to recording of his Annual Confidential Reports (ACRs), it said.
On the directions of the Supreme Court, the special crime unit of the central agency registered the cases late Tuesday evening.
More than five questions and supplementaries, mostly related to agriculture and horticulture, were taken up before the proceedings were first adjourned till noon. The Question Hour went on for nearly 40 minutes.
The Supreme Court has said that Cyrus Mistry's removal as executive chairman of Tata group was justified as a "a person who tries to set his own house on fire for not getting what he perceives as legitimately due to him, does not deserve to continue as part of any decision-making body".
UK's Cairn Energy Plc has offered to forego $500 million and invest that amount in any oil and gas or renewable energy project identified by the Indian government if New Delhi agrees to honour an international arbitration award and returns the value of loss it incurred because of being taxed retrospectively, sources said. The Scottish firm invested in the oil and gas sector in India in 1994 and a decade later it made a huge oil discovery in Rajasthan. In 2006-07, it listed its Indian assets on the BSE. Five years after that the government passed a retroactive tax law and billed Cairn Rs 10,247 crore plus interest and penalty for the reorganisation tied to the flotation.
Addressing a press conference, BJP Assam president Ranjeet Kumar Dass said that the government will bring in a legislation to safeguard the Indian citizens if the Foreigners Tribunals deliver adverse judgements against the appeals.
Valuers have found almost no assets to pay for their claims against the Videocon group that entered the insolvency process in 2018. But the dissenters suggest that the money is elsewhere, possibly in the group's oil and gas assets, which are not part of the group's bankruptcy case.
A three-member NCLAT bench set aside an earlier order passed by the Kolkata bench of the NCLT and asked the interim resolution professional (IRP) to handover all the assets and records of the company to its board.
"Last year, the ban was imposed after traders had already stored firecrackers for sale which had resulted in losses for them. I appeal to the traders to not stock up on firecrackers in view of the complete ban," he said.
The tribunal accepted the government's argument that licence or spectrum is a state asset over which Aircel had no right of ownership.
Out of 3.3 crore applicants, over 19 lakh people were excluded from the final NRC published on Saturday.
The United Kingdom government on Friday won a major legal battle as the Supreme Court ruled against allowing a London-born 21-year-old woman of Bangladeshi descent, who ran away to Syria as a teenager to join the Islamic State (ISIS) terror group, to return and fight her citizenship case.
Cairn has already taken steps to have the arbitration award recognised in nine major jurisdictions such as the US, UK, France, the Netherlands, Singapore and Canada's Quebec province, where Indian sovereign assets have been identified. It hasn't said what it might go after but assets could include Air India's planes, vessels belonging to the Shipping Corporation of India and property owned by state banks.
The top court said a balanced approach of sustainable development ensuring environmental safeguards needs to be resorted to while dealing with the issue of sand mining.
The Supreme Court on Friday set aside NCLAT order of December 18, 2019 restoring Cyrus Mistry as executive chairman of Tata Group.
Semenya has vowed to fight the regulations, but has already lost an appeal to the Court of Arbitration for Sport, and another subsequent plea to the Swiss Federal Tribunal (SFT) asking for the CAS ruling to be set aside.
Challenging the "illegal" reduction in its claim by the erstwhile resolution professional (RP) in the Jet Airways revival plan, the Punjab National Bank (PNB) has moved the National Company Law Appellate Tribunal (NCLAT) citing discrimination. The NCLAT on Thursday issued notices to RP Ashish Chhawchharia and the committee of creditors on PNB's plea to set aside the insolvency court's approval of the airline's revival plan. It has posted the matter for further hearing on September 21.
The government will provide legal support to the excluded people, said Assam Parliamentary Affairs Minister Chandra Mohan Patowary.
Jet Airways is looking to lease around 20 Airbus A320 aircraft from lessors by 2024 as it aims to restart operations and fly international routes in the next one-and-a-half years. Jet's A320 aircraft fleet, according to sources, will be a mix of the Ceo and the more fuel-efficient Neo variants. These planes were originally intended for Russian airlines but could not be delivered following western sanctions on Russia over its Ukraine invasion.
The scheme offers waiver of interest, penalty, and prosecution for settling tax disputes.
The Supreme Court Tuesday extended the stay on criminal proceedings against former Wipro chairman Azim Premji, his wife and others on their plea seeking quashing of summons issued by a Bengaluru court on a "frivolous" and "mischievous" complaint filed by an NGO alleging breach of trust and corruption in merger of three companies with a Premji group firm. A bench of justices S K Kaul and M M Sundresh was hearing an appeal filed by Premji challenging the Karnataka high court order of May 15 which had rejected their pleas for quashing of the January 27 summons issued by the trial court.
NCLAT chairman Justice S J Mukhopadhaya dismissed the pleas against Ambani and officials after observing that consent terms agreed upon between RCom and minority shareholders for payment of dues cannot be a ground for initiation of contempt proceedings.
Deloitte had challenged the jurisdiction of the NCLT to ban it, saying section 140(5) of the Companies Act pertains to auditors who are still auditing the company in question while it has already resigned from the service and thus cannot be banned under the given provisions.
Setting aside the NCLAT order, a 3-judge bench headed by Justice R F Nariman, said the two set of creditors will be treated differently during the insolvency proceedings and taking over of a debt-ridden firm by another company.
The Tribunal said the equitable distribution of Mahadayi waters among three states is 'neither necessary nor feasible' at this stage.
Pakistani cricketer Mohammad Hafeez, on Tuesday, made an appeal to the public to not spread rumours about coronavirus and urged everyone to follow the necessary precautions. Earlier in the day, Pakistan Cricket Board (PCB) announced the postponement of the PSL amid the coronavirus outbreak. It has said the tournament will be rescheduled. However, new dates are yet to be announced.
A battle royale, fought over 15 long years, comes to an end as a prince and a princess -- grandchildren of the legendary Rajmata Gayatri Devi -- get back the Jai Mahal Palace Hotel from their step-uncles.
A two-member bench headed by Justice S J Mukhopadhaya said there is no stay on the Resolution Professional of Essar Steel to disburse the funds among financial and operational creditors of the company.
© 2026 Rediff.com - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances