The Supreme Court has dismissed an appeal filed the customs department against Adani Power Maharashtra Limited (APML), Adani Power Rajasthan Limited (APRL) and others in a case pertaining to alleged over-valuation of imported goods. "We have heard Balbir Singh, Additional Solicitor General appearing for the appellant(s), and Mukul Rohatgi, senior counsel appearing for the respondents, at length. "We are of the considered opinion that the matters are concluded by the findings of fact recorded by the authorities below and the impugned order(s) does not require any interference at our behest.
An income tax tribunal held that the amount received by Google Ireland from Google India towards marketing and distribution rights of the AdWords programme is not royalty, and hence, cannot be taxed at the hands of the assessee (Google Ireland). The ruling by the Bengaluru-based Income Tax Appellate Tribunal (ITAT) may have repercussions on similar transactions by multinationals, feel experts. Explaining the case, Amit Maheshwari, tax expert at AKM Global, said Google Ireland had received Rs 8,662.93 crore under the Google Reseller Agreements.
A European cargo airline has moved the National Company Law Tribunal seeking expeditious acquisition of three Jet Airways B777-300 aircraft. The application is by a Malta-based Ace Aviation VIII Limited, which emerged as a successful bidder in the auction of three Boeing 777-300ER aircraft. The firm is part of a Belgium-based cargo airline and its application will be heard on Wednesday.
Lenders of debt-ridden Jet Airways on Tuesday filed an appeal in the National Company Law Appellate Tribunal (NCLAT) against implementation of the resolution plan by the Jalan-Kalrock consortium, according to sources. The sources said the lenders have maintained that the condition precedent mentioned in the resolution plan of the consortium has not been met. And therefore, the plan is not valid. "The lenders want the plan to be circled back to the committee of creditors (CoC) for fresh consideration," the sources said.
Both the NCLT and NCLAT are getting permanent heads after more than one-and-a-half years following the retirement of their respective incumbents.
The Supreme Court on Wednesday asked Amazon and Future group to request the NCLAT to decide the plea challenging the revocation of sanction to the US e-commerce major for its deal with Future group's firm by the Competition Commission of India. The suggestion was made by a bench headed by Chief Justice N V Ramana while adjourning to March 9 the hearing on Amazon's appeal against the January 5 order of the Delhi high court staying the ongoing arbitration proceedings before an arbitral tribunal over Future Retail's Rs 24,500-crore merger deal with Reliance Retail. The bench, also comprising Justices A S Bopanna and Hima Kohli, deferred the hearing after brief arguments on being told that the National Company Law Appellate Tribunal (NCLAT) is hearing another appeal of Amazon related to the merger deal.
The National Company Law Appellate Tribunal (NCLAT) has reserved its order on Amazon's plea challenging the decision of regulator CCI to suspend approval for the e-commerce major's deal with Future Coupons. In December last year, Competition Commission of India (CCI) suspended the approval given by it in 2019 for Amazon's deal to acquire a 49 per cent stake in Future Coupons Pvt Ltd (FCPL). The regulator had said that Amazon suppressed information while seeking clearances for the transaction back then and also slapped a fine of Rs 202 crore on the company.
The fate of the $10 billion merger between Zee Entertainment Enterprises and Culver Max Entertainment, formerly Sony Pictures Networks India, is hanging by a thread, with the two parties unable to finalise an agreement as the end of the one-month grace period looms. The two parties are yet to come to an agreement over Zee Entertainment Enterprises Ltd (ZEEL) MD and CEO Punit Goenka leading the merged entity after Sony expressed concerns after market regulator Sebi barred him from holding managerial posts in Zee and any of the entities in a fund-diversion case.
Franklin Templeton Asset Management (India) on Tuesday said it strongly disagrees with the findings in Sebi's order in the case of winding of six debt schemes in 2020 and has decided to challenge the direction in Securities Appellate Tribunal (SAT).
The Supreme Court on Friday agreed to list for an early hearing the appeal of US-based creditor Glas Trust Company LLC against a judgment of the NCLAT, which had stayed insolvency proceedings against ed-tech firm Byju's and approving its Rs 158.9 crore dues settlement with the BCCI. A bench comprising Chief Justice D Y Chandrachud and Justices J B Pardiwala and Manoj Misra was urged by senior advocate NK Kaul, appearing for the ed-tech major, that the case needed to be heard at the earliest.
Former Air India Executive Director Jitendra Bhargava had filed the appeal questioning the decision of CCI to approve the Jet-Etihad deal without carrying out a detailed assessment.
The government had moved NCLT to freeze the assets of 19 people after CBI filed a charge sheet in Nirav Modi's case and Gitanjali Group cases.
'Tax officials view most taxpayers as evaders.' 'The I-T department has a perverse incentive to raise unreasonable demands since the one-fifth tax collected counts towards officials' collection targets,' observes Harsh Roongta.
Controversial fast bowler Shoaib Akhtar's international career virtually came to an end after an appellate tribunal, on Wednesday, upheld the five-year ban imposed on him. It, however, allowed him to play in the cash-rich Indian Premier League.
Sebi on Monday lifted restrictions imposed on 16 entities, including some former employees of Infosys, in a case pertaining to alleged insider trading activities in IT major shares. The regulator also directed that the prohibition slapped on six entities -- Amit Bhutra, Bharath C Jain, Capital One Partners, Tesora Capital, Manish C Jain and Ankush Bhutra -- through the interim order, along with the confirmatory order, will stand vacated with immediate effect, bringing an end to the matter. "I deem it fit to vacate the directions issued vide the interim order read with confirmatory order against noticees 2 to 7 and dispose of instant proceedings against all the noticees.
The Supreme Court on Thursday directed Jalan-Kalrock consortium, the new owners of the cash-strapped Jet Airways, to deposit Rs 150 crore in SBI's escrow account by January 31, saying failure to do so will mean that the consortium is not in compliance with the terms of the resolution plan for reviving the airline. The top court, meanwhile, also refused to allow the separate plea of the Jet Aircraft Maintenance Engineers Welfare Association seeking payment of provident fund and gratuity dues, observing if additional money is awarded, the resolution plan will become "unworkable". The consortium, as per the lawyers for the workmen, has to pay over Rs 200 crore towards dues on account of PF and gratuity.
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).
In order to reduce government litigations, the Union Finance Minister Nirmala Sitharaman on Saturday said the GST Council has fixed a monetary limit for filing appeals by the tax department before the various appellate authorities. It has recommended a monetary limit of Rs 20 lakh for GST Appellate Tribunal, Rs 1 crore for the High Court and Rs 2 crore for the Supreme Court for filing of appeals by the department before these legal forums, she said after the 53rd GST Council meeting held in New Delhi.
The Securities Appellate Tribunal has stayed a Sebi order that barred Franklin Templeton's Asia Pacific head Vivek Kudva and his wife Roopa from the securities market for one year.
The tribunal raised tax demand against several airlines, including Jet.
Franklin Templeton Asset Management (India) on Monday said the Securities Appellate Tribunal (SAT) has stayed Sebi's order, whereby the regulator had barred the asset management firm from launching any new debt scheme for two years. In addition, the regulator had asked Franklin Templeton to refund investment management and advisory fees to the tune of Rs 512 crore, including interest, collected with respect to its six debt schemes which are now shut. "With reference to the order issued by Whole Time Member(WTM) of Sebi on June 7, 2021, Franklin Templeton Asset Management (India) Pvt Ltd filed an appeal and an application for stay before the Hon'ble SAT. "After hearing the parties, the Hon'ble SAT has stayed the operation of the order passed by the WTM," a Franklin Templeton spokesperson said in a statement. The matter has been listed on August 30, 2021 for further directions, he added.
Lenders of bankrupt airline Jet Airways, led by the State Bank of India (SBI), on Thursday told the Supreme Court that successful bidder Jalan Kalrock Consortium (JKC) was "unwilling" to pay the dues and that the "liquidation" was the only option left. The bench led by Chief Justice of India (CJI) DY Chandrachud was hearing the SBI-led consortium plea against the NCLAT's March order upholding ownership transfer of the bankrupt airline to JKC.
Representatives of stressed companies could seek more time for submitting a resolution plan, provided there is appropriate justification, said legal experts, but getting an extension will not be automatic just because an NCLT Bench is on vacation.
The two parties have also approached the Delhi high court pleading that two earlier court orders be modified allowing Bakshi to sell his shares in Connaught Plaza Restaurant to McDonald's India.
The Delhi high court on Thursday rejected petitions by the Congress challenging the initiation of tax reassessment proceedings against it for a period of four years by tax authorities.
The Securities Appellate Tribunal (SAT) has stayed the ban imposed by the Securities and Exchange Board of India (Sebi) on Samir Jain, vice-chairman and managing director of Bennett, Coleman & Co (BCCL), his wife Meera Jain, and six others. BCCL owns news media organisations The Times of India, and The Economic Times. Last month, the regulator had refrained Jain from accessing the securities market for allegedly violating minimum public shareholding (MPS) norms in PNB Finance and Industries (PNBFIL) and Camac Commercial Company (CCIL), which are listed on the Calcutta Stock Exchange.
It will also be new Revenue Secretary Sanjay Malhotra's first GST Council meeting. He will take charge after the incumbent Tarun Bajaj retires on November 30.
DLF chairman K P Singh, his son and vice-chairman Rajiv Singh, younger daughter and whole-time director at DLF Pia Singh, company directors T C Goyal and Ramesh Sanka had earlier moved the tribunal challenging the October 10 Sebi ban on them.
The department found various expatriates were acting as business heads for Indian operations and certain employees were actively involved in concluding sales for the foreign entities of GE in India.
Delhi-based electric vehicle (EV) ride-hailing firm Evera Cabs, which grabbed headlines after acquiring 500 cars from the now-defunct cab service BluSmart, is stepping up its presence in the EV cab segment. The company is aiming for revenue of Rs 100 crore in the ongoing financial year (2025-26), up from Rs 18 crore in 2024-25.
Hudco had in 2006 given a loan of Rs 62.38 crore to Bakshi's private venture, Ascot Hotels and Resorts, for a commercial project in Noida. The loan, however, turned NPA in 2011.
In a major relief to media major Zee Entertainment Enterprises Ltd (ZEEL), the National Company Law Appellate Tribunal (NCLAT) on Friday stayed the insolvency proceedings initiated against it earlier this week. Admitting a petition filed by ZEEL Managing Director and chief executive Punit Goenka, the appellate tribunal issued notices to private sector lender IndusInd bank and the interim resolution professional directing them to file a reply in two weeks. NCLAT said the submissions made by both sides need a detailed hearing.
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.
In a relief for foreign firms giving loans to Indian subsidiaries, tax authorities have said goods and services tax (GST) will not be imposed on them, subject to some caveats. Additional fees, commissions, or related payments - over and above the amount charged as interest - on these loans will attract GST at 18 per cent, the Central Board of Indirect Taxes and Customs (CBIC) has said.
B N Srikrishna commission spares RBI for now.
The National Company Law Tribunal (NCLT) on Thursday allowed the merger of Zee Entertainment Enterprises Ltd and Culver Max Entertainment (earlier known as Sony Pictures Networks India). This order by the Mumbai bench, headed by H V Subba Rao and Madhu Sinha, will pave the way for the creation of a $10-billion media company, the biggest in the country. The tribunal also dismissed all objections regarding the merger.
PNB Housing Finance on Wednesday said it will disclose the outcome of shareholders' meeting held a day earlier -- on Rs 4,000 crore capital infusion led by Carlyle Group -- in accordance with the order of the Securities Appellate Tribunal next month. The company moved the tribunal on Monday after the capital markets regulator asked it on June 18 not to go ahead with the proposed capital raise plan by allotting preference shares to the investors until it carried out a valuation of shares from an independent registered valuer. The SAT in an order dated June 21 allowed the company to go ahead with the EGM, but restricted it not to announce the voting results by the shareholders, as the matter is pending before the court.
The CJI said tax judiciary plays a very important role in resource mobilisation of the country and expressed concern over pendency of cases.
Out of 3,871 recovery certificates issued by the regulator in various cases, 807 have been certified as difficult to recover.
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