The Mumbai Bench of the National Company Law Tribunal (NCLT) on Monday approved Piramal Group's resolution plan for the beleaguered Dewan Housing Finance Ltd (DHFL), which has been reeling from the insolvency process since 2019. The plan put forward by Piramal Group, which has offered to pay Rs 37,250 crore, has been approved by the committee of creditors (CoC), the Reserve Bank of India (RBI), and the Competition Commission of India (CCI).
The bench's order came after Swamy's advocate, senior counsel Mihir Desai, moved the bench seeking an urgent hearing on a plea.
In August, the Supreme Court had said that the total amount should be deposited within 3 months with its Registry, pending the outcome of the appeal filed by the DLF against the May 19 order of Competition Appellate Tribunal's upholding the penalty imposed by CCI.
Billionaire Anil Agarwal's mining group Vedanta on Monday said it has withdrawn cases in the Delhi high court as well as before an international arbitration tribunal to settle a Rs 20,495 crore retrospective tax dispute with the government. Post slapping of a Rs 10,247 crore tax demand on UK's Cairn Energy Plc for alleged capital gains made on a 2016 internal reorganisation prior to the listing of its India business, the Income Tax Department had sought Rs 20,495 crore in taxes (including penalty) from Cairn India for failing to deduct tax on capital gains made by its British parent. Cairn India was in 2011 bought by Agarwal's group and subsequently, the firm was merged with Vedanta Ltd.
The National Company Law Appellate Tribunal on Monday stayed industrialist Anil Agarwal's Twin Star Technologies' Rs 2,962.02 crore-takeover bid of debt-ridden Videocon Industries. A two-member NCLAT bench headed by its Officiating Chairperson Justice A I S Cheema stayed the order passed by the Mumbai bench of the National Company Law Tribunal on June 9. The National Company Law Appellate Tribunal's (NCLAT) direction came over two petitions filed by unsatisfied creditors -- Bank of Maharashtra and IFCI Ltd. The appellate tribunal has issued notices to the Committee of Creditors, the Resolution Professional of Videocon and the successful resolution applicant Twin Star.
Delhi High Court says it can do so under the TRAI Act, rejects petitions filed by telecom associations.
India's Founding Fathers did not give absolute powers of enforcement to the court. It is most surprising that the Supreme Court has accepted this situation, cleverly designed by the political class to weaken the top court, for all these years without demur, says B S Raghavan.
The plea said the grounds for disqualification ought to be specific with the nature of offences as specified under the CrPC and not in a "blanket form", as is currently in force according to section 8(3) of the 1951 Act.
Japan's Sony Corporation, which is merging its Indian television content company with Zee Entertainment Enterprises, is likely to seek a fresh forensic audit of the company after market regulator Sebi levelled fund diversion charges against Zee promoters, top lawyers said. The Sebi also barred Zee founder Subhash Chandra and its Chief Executive Officer (CEO) Puneet Goenka from holding any position as director. "As the Sebi has made fund diversion charges, which may change the nature of audited reports already filed, the acquirer (Sony) can seek a fresh forensic audit," said H P Ranina, a corporate lawyer.
The Central Bureau of Investigation on Thursday contended before a Delhi court that there is no change in government's stand on withdrawing the case against Italian businessman Ottavio Quattrocchi in the wake of the Income Tax Appellate Tribunal (ITAT) order in the Bofors pay-offs case.
Bhushan on August 31 was directed to deposit the fine with the Supreme Court registry by September 15 and failure to comply would entail a three-month jail term and debarment from law practice for three years.
He supervised and handled several major big ticket insolvency cases that includes Essar Steel, Bhushan Power & Steel, Bhushan Steel, Jaypee Infratech, ElectroSteel Steel, Binani Cement, Reliance Communications.
The Delhi high court on Tuesday said it will hear on May 26 a plea by JNU student Sharjeel Imam, who has been arrested in a case related to alleged inflammatory speeches made by him during the protests against the Citizenship Amendment Act and the National Register of Citizens in 2019, seeking interim bail.
The Lahore high court has dismissed a writ petition by Jamaat-ud-Dawah chief and 26/11 mastermind Hafiz Saeed seeking to direct the Pakistan government to raise the Kashmir issue at the UN Security Council and other international fora.
Rejecting India's stand that Jadhav was kidnapped from Iran, Basit said he was caught in Balochistan and tried for 'espionage and sabotage'.
The top court said when the daughter belonging to the non-tribal is entitled to equal share in the property of her father, there is no reason to deny such a right to the daughter of tribal communities.
If they are made accountable, bad loan cases will shrink dramatically, recoveries will rise, and the NCLT process will be more manageable, asserts Debashis Basu.
As the feud continues between Zee and Invesco, appellate body NCLAT on Thursday directed the National Company Law Tribunal (NCLT) to give reasonable opportunity to the media major to reply to Invesco's plea for holding a meeting of shareholders, and also remarked that the tribunal made an "error" by not providing sufficient response time. With the order capping a day of fast legal developments at the NCLAT as well as the NCLT within a span of a little over an hour, the spat between Zee Entertainment Enterprises Ltd (ZEEL) and minority shareholder Invesco will now come up for hearing before the NCLT on Friday. Invesco is seeking the ouster of ZEEL MD and CEO Punit Goenka and appointment of six new directors on its board.
The strategic 900-km-long Chardham project worth Rs 12,000 crore aims to provide all-weather connectivity to four holy towns -- Yamunotri, Gangotri, Kedarnath, and Badrinath -- in Uttarakhand.
Terming as "infructuous", the Supreme Court on Tuesday closed as many as 11 petitions, including the one filed by the National Human Rights Commission (NHRC), almost 20 years ago seeking an independent probe into the 2002 Gujarat riots cases.
A bench headed by Justice Siddharth Mridul pulled no punches, as it conveyed its unhappiness over the newspaper referring to the child of the social media vlogger, insisting children shouldn't become a victim of propaganda.
Following is the timeline of events in the case in which the Supreme Court on Friday upheld the Special Investigation Team's (SIT) clean chit to then Gujarat chief minister Narendra Modi and 63 others in the 2002 riots in the state.
The Supreme Court on Wednesday directed the Centre and the Indian Air Force to consider granting permanent commission (PC) to 32 retired women short service commission (SSC) officers based on their suitability for the purpose of giving them pensionary benefits.
Since the inception of the code, the threat of insolvency has brought many debtors in line
The Piramal Group on Friday said it is planning to move the Supreme Court to appeal against an order by insolvency appellate tribunal NCLAT, which sent back its winning bid for DHFL to the debt-laden finance company's lenders for reconsidering the valuation. Piramal Capital & Housing Finance Ltd in a statement said that "the Dewan Housing Finance Corporation Ltd (DHFL) acquisition by Piramal Group remains unaffected and the business integration continues as envisaged". The National Company Law Appellate Tribunal (NCLAT) on Thursday, while delivering a judgement on 63 Moons Technologies petition had directed the lenders of DHFL to reconsider their decision regarding the valuation of the financial firm's avoidable transactions, while approving the insolvency resolution plan submitted by Piramal Capital & Housing Finance Ltd.
The new chief minister, if from the Congress, will have little or no time for political administration, to ensure that he does not lose the voter's goodwill even before the Lok Sabha polls. He can count only on one thing. That the BJP may not want to upset him too early lest an early failure should become an added problem for the party in all the polls to follow, predicts N Sathiya Moorthy.
Vodafone had contended in its plea that DoT instead of signing and executing the ULs had at the last moment informed them that their request for deletion of 'restrictive' clauses in licence pertaining to roaming cannot be accepted.
When the matter came up today, Justice Ramaswamy strongly condemned the action of the lawyers and remarked it was a very cheap practice, scandalising the judiciary.
The Supreme Court Thursday asked NDTV promoters Prannoy Roy and Radhika Roy to give a statement on shares indicating the current market value which they would like to deposit as security with market regulator Sebi under the order of the Securities Appellate Tribunal (SAT).
A bench of Justices DY Chandrachud and M R Shah got annoyed when one of the advocate appearing for the parties sought two week adjournment on the ground that arguing counsel was not present.
"It is complete red herring. I thought the state will see some sense. But, these are different nature of battles. Sorry, dismissed," the bench said.
The non-reporting of sexual assault against a minor despite knowledge is a "serious crime" and an attempt to shield the offenders, the Supreme Court said on Wednesday.
Jet Airways, which is yet to resume operations under its new owner, will reduce salaries for various staff and send many employees on leave without pay, amid uncertainty over resumption of its operations. The measures, which will be effective from December 1, were revealed hours after the winning bidder Jalan-Kalrock Consortium (JKC) said it might take "difficult" near-term decisions to manage cashflows. The once-storied airline shuttered operations in April 2019 and JKC's resolution plan was approved under the insolvency process by the National Company Law Tribunal (NCLT) in June last year.
The bench said that he would not tamper with the evidence or attempt to intimidate or influence the witnesses in the case.
While no government notification or order appointing Gaur as chairman has been made public so far, sources in the know said the appointment has been cleared.
An undertrial prisoner, who used an order bearing the forged signatures of a metropolitan magistrate to get swanky sports shoes, trendy belt and a wrist watch in jail, has been awarded three years imprisonment by a Delhi court.
The diamantaire's counsel said there is a vigilance manual circular that the consortium can lodge only one FIR. Each consortium member cannot lodge separate FIRs, he said.
"The emphasis is on making every rule, law, policy people-centric, and public-friendly. This is the use of the new governance model and the country is getting its results," Prime Minister Modi said while speaking at the launch of a platform for 'Transparent Taxation -- Honoring the Honest'.
Soon after the Supreme Court of India upheld all the appeals filed by the Tata group and set aside the order of the National Company Law Appellate Tribunal reinstating Cyrus Mistry as group chairman, Ratan Tata, chairman emeritus of Tata Sons and chairman of Tata Trusts, took to Twitter to share his views.
"Her refusal to wear 'sakha and sindoor' will project her to be unmarried and/or signify her refusal to accept the marriage with the appellant (husband). Such categorical stand of the respondent (wife) points to the clear intention of the respondent that she is unwilling to continue her conjugal life with the appellant," the high court said in the judgment passed on June 19.
