The Supreme Court on Friday directed the Centre to deposit in its account the compensation given by Italy for the kin of two Indian fishermen killed by Italian Marines off the Kerala coast in February 2012.
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.
The Supreme Court has appointed its former judge P V Reddi to mediate the dispute between SpiceJet and its former promoter Kalinithi Maran, the airline said on Wednesday. The dispute dates back to 2015, when Maran sold his stake in SpiceJet of 58.46 per cent, or 50.4 million shares, to Ajay Singh for Rs 2 after the airline suffered financial trouble. A year later, Maran approached the Delhi high court, alleging a breach of agreement by Singh for not issuing him 189 million share warrants and preference shares despite Maran's Rs 679-crore infusion.
On Thursday, the Bombay high court directed that an Arbitration Tribunal be set up within 30 days for the settlement of disputes between Essar and Hutchison on the termination of BPL (Mumbai) circle sale deal by the former.
Disney Star is mulling legal actions against Zee Entertainment for backing out from a $1.4 billion sub-licensing agreement for TV broadcast of international cricket matches in India, according to industry sources. This could brew another legal trouble for Zee Entertainment Enterprises Ltd (ZEEL), which is already facing an arbitration plea by Sony Group at the Singapore International Arbitration Centre, claiming $90 million for breach of conditions of their merger agreement. Disney Star, an Indian subsidiary of media conglomerate The Walt Disney Company, is working on its strategy over the development, said industry sources.
The near-doubling of gas prices to $8 per million British thermal units that will kick in from next month will accrue to all producers in the country.
Sources said the Cabinet had in December last year stipulated that the new gas rate will apply to all producers excepting eastern offshore KG-D6 block where the contractor, which is fighting government against levying penalties for output shortfall, will have to give bank guarantees equivalent to the incremental revenue it would get from the new rates.
Simona Halep questioned the "big difference" in how doping cases are treated after world number two Iga Swiatek was handed a one-month drugs ban
No immediate relief was in sight for Jet Airways, with an Arbitration Tribunal adjourning arguments of the airline as well its failed takeover target Air Sahara till April.
Sinner gives the impression of a player with all the answers against whoever he comes up against, but the off-court questions he is likely to face about the doping case that surfaced in August might be harder to shrug off.
The Bombay high court on Friday ordered the release of Rs 1,500 crore (Rs 15 billion) deposited by Jet Airways in escrow account for acquiring Air Sahara.
While Amazon is expected to approach either Mumbai or Delhi high court to enforce the interim order of SIAC, the Future Group, too, is likely to challenge the order. Legal experts also expect the Reliance group to expedite the process for regulatory clearances in the deal.
The Delhi high court has directed SpiceJet to deposit "forthwith" Rs 75 crore that has to be paid to media baron Kalanidhi Maran and his Kal Airways towards interest on an arbitral award of Rs 578 crore. The high court said, admittedly, there is no modification of the February 13, 2023 order passed by the Supreme Court in the case, and hence it needs to be followed. "Since the judgment debtor (SpiceJet) had failed to pay an amount of Rs 75 crores to decree holder (Maran and Kal Airways), hence in terms of para 15 (ii) of the order dated February 13, 2023 of the Supreme Court, there is no other alternative except to call upon the judgment debtors to deposit the entire outstanding amount qua interest forthwith, thus is so directed.
While government/PSU procedures focus on piece meal & individual tenders taken on standalone basis, avoiding delays and cost of not doing things becomes a primary consideration in PSC procurement
The Supreme Court on Wednesday allowed Massimiliano Latorre, the second Italian marine accused of killing two Indian fishermen off the Kerala coast in 2012, to remain in his country till the international arbitral tribunal decided the jurisdictional issue.
Amazon violated FDI norms, allege Future Retail independent directors.
The court also asked the government to appraise it of the status of international arbitration proceedings to be undertaken in pursuance of directions of International Tribunal for the Law of the Sea in the matter on April 13, the next date of hearing.
Dispute relates to premature termination of a deal to buy TCP steel
At present, Mumbai Metro One Private Ltd (MMOPL) is offering a promotional fare of Rs 10 for all the destinations till July 9.
Zee Entertainment Enterprises has sought a termination fee of $90 million (around Rs 748.7 crore) from the Sony Group for calling off the $10 billion merger deal in January this year. It has sought termination fees from two Sony Group entities -- Sony Pictures Networks India (SPNI), now known as Culver Max Entertainment, and Bangla Entertainment (BEPL), according to a regulatory filing from Zee Entertainment Enterprises Ltd (ZEEL) on Thursday.
In a major policy speech on Monday, US Secretary of State Mike Pompeo said the world will not allow China to treat the strategically important South China Sea (SCS) as its 'maritime empire' and vowed to support worried Southeast Asian countries against Beijing's 'campaign of bullying' to control the resource-rich region.
Banned UEFA president Michel Platini has taken his appeal against a ban from soccer by FIFA to the Court of Arbitration for Sport (CAS), the Swiss-based sports tribunal said.
The levy has also been removed on low cost houses up to a carpet area of 60 square metres in a housing project under any housing scheme of the state government.
Two days after the termination of the merger agreement by Sony Group, Zee Entertainment on Wednesday hit back by filing a petition before the National Company Law Tribunal (NCLT), seeking a direction to implement the merger scheme. Besides, it has also initiated appropriate legal actions to contest the claims of $90 million (Rs 748.5 crore) filed by Sony Group before the Singapore International Arbitration Centre (SIAC), according to a regulatory update by Zee Entertainment Enterprise Ltd (ZEEL).
The National Company Law Tribunal (NCLT) on Tuesday admitted a fresh petition filed by a Zee Entertainment Enterprises Ltd shareholder seeking enforcement of the now-cancelled merger deal between ZEEL and Sony. The Mumbai bench of NCLT also directed Sony Pictures Network India, now known as Culver Max, to file a reply within three weeks and fixed the next date of hearing on March 12. On January 21, Sony Group Corp (SGC), the Japanese parent company of Sony Picture Network India (SPNI) and BEPL, announced the termination of the $10 billion merger agreement with ZEEL, while seeking $90 million for breach of conditions besides initiating arbitration.
The apex court imposed four conditions on the marine.
Unhappy over India's handling of the marine's issue, Italy took the matter to the International Tribunal on Law of the Sea challenging Indian jurisdiction in the case.
'I guess only the top players' images matter. I guess only the independent tribunal's opinion on the top players is taken as sound and right.'
A market-based gas pricing regime is to kick-in from next month.
A controversy broke out on Sunday over Justice Sikri getting a government offer last year for a post-retirement assignment at the London-based Commonwealth Secretariat Arbitral Tribunal (CSAT), three days after his vote, as a representative of CJI Ranjan Gogoi on the panel, helped decide the removal of Verma as CBI director.
The Supreme Court on Monday appointed former apex court judge Justice R V Raveendran as a mediator to settle the family property dispute involving businessman and former IPL head Lalit Modi and his mother Bina Modi. The apex court observed that counsel appearing for both sides agreed that they would go without any pre-condition and with an open mind to settle the dispute in mediation. "....We also think the issue can be resolved by way of mediation," a bench headed by Chief Justice N V Ramana said. "Accordingly, we appoint Justice R V Raveendran, a retired judge of this court, to mediate and settle the dispute," said the bench, also comprising justices Krishna Murari and Hima Kohli.
The Centre said it does not object if Grione's bail conditions are relaxed on the same lines as was done in the case of another marine Massimiliano Latorre.
The 30-year-old, who won Olympic gold at the Rio Olympics in 2016, will miss this year's Olympic Games in Paris.
The hearings at the Lausanne-based Court of Arbitration for Sport (CAS) are expected to run until Friday. The court said it was unclear when a ruling might be rendered.
The top court termed the Rs 10 crore compensation paid by the Republic of Italy over and above the payment already made as "reasonable and adequate".
Future Retail Ltd (FRL) on Wednesday held a meeting of its shareholders to consider and approve the sale of the company's retail assets to billionaire Mukesh Ambani's Reliance Retail Ventures Ltd. The meeting was chaired by Shailesh Haribhakti, FRL said in a regulatory filing. Haribhakti has been appointed by the NCLT to chair the meeting. The result of the voting will be announced in due course, it added.
The court also restrained RHC Holdings from operating its bank accounts except for payment of salaries and statutory dues till March 23, the next date of hearing.
As per the award, Infosys is required to pay Bansal the outstanding severance amount of Rs 12.17 crore, with interest
