14 October 2019


News

NCLT: Sole Proprietary Concern Cannot Start Insolvency Proceedings - 11.10.2019

National Company Law Tribunal Delhi has ruled that since a Sole Proprietary Concern is not a person under Section 3(23) of the Insolvency and Bankruptcy Code, 2016 it cannot initiate insolvency proceedings.

Tags : NCLT Sole Proprietary Concern

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Bombay High Court: GST not Applicable on Duty-Free Shops for Sales to Outgoing Passengers - 11.10.2019

Bombay High Court has ruled that, Goods and Services Tax is not applicable on the Duty-Free Shop at Mumbai International Airport for goods sold to outgoing passengers. The Petitioners had sought a declaration that the consideration being paid by it to Mumbai Airport under a concession agreement towards the minimum guaranteed fees/ concession fees for grant of rights and use of licensed premises of duty free shops in the departure or arrival area of international airport is not liable to GST.

Tags : Bombay High Court GST

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Supreme Court Restrains I-T Department from Reassessing NuPower Accounts - 11.10.2019

Supreme Court has disallowed the Income Tax Department’s bid to reassess the accounts of Deepak Kochhar-owned NuPower Renewables to investigate an investment made in the company eight years ago, agreeing with a high court ruling that the matter was time-barred and would fall in the realm of “fishing enquiries.”

Tags : Supreme Court NuPower Accounts

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Apex Court Gives Clean Chit to Government Job Promise Default - 11.10.2019

Apex Court has ruled that displaced workers have no absolute fundamental right to employment and a Government can in “overriding public interest” renege on a job promise to a group without having to provide “individual opportunities” to everyone in the group. It set aside the findings of a Single Judge and a division bench of Kerala High Court that said that the Kerala Govt could not abandon its promise to absorb the arrack workers rendered jobless by the 1996 ban on the liquor in the State.

Tags : Apex Court Government Job

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SAT Reduces Market Ban on Inventure Growth - 11.10.2019

Securities Appellate Tribunal has reduced the market ban period on Inventure Growth and Securities to three years as well as set aside restrictions on certain directors of the company in a matter related to furnishing of false information in Initial Public Offer documents. In August, Securities and Exchange Board of India had barred the company and all its directors from the securities market for four years.

Tags : SAT Market Ban

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SEBI Comes Out with Liberalised Norms for Depository Receipts - 11.10.2019

Securities and Exchange Board of India has come out with a detailed framework for issuance of depository receipts (DRs), a move that will provide Indian companies increased access to foreign funds.

Tags : SEBI Depository Receipts

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Apex Court to Commercial Courts: Don’t Hear all High Value Pleas - 11.10.2019

Apex Court has cautioned the Commercial Courts from entertaining all the pleas, involving high value, coming before it as it is fraught with the consequences of clogging them and defeating the very purpose for which they were created that is the speedy and early disposal of cases involving commercial disputes.

Tags : Apex Court Commercial Courts

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SEBI Prohibits Citizens, NRIs from Buying DRs of India-Listed Companies - 11.10.2019

Securities and Exchange Board of India has barred Indian citizens, including those ordinarily resident overseas, from buying depository receipts (DRs) issued by locally-listed companies, seeking to tighten ownership rules on entities that are raising funds through equity sales abroad.

Tags : SEBI NRI

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Central Information Commission: ED can Withhold Names of Tax Evaders in Panama Papers - 10.10.2019

Central Information Commission has ruled that the names of alleged tax evaders appearing in the Panama Papers leak can be withheld by the Enforcement Directorate (ED) from disclosure. The Commission made these observations while deciding the plea of Durga Prasad Choudhary who did not get a satisfactory response from the agency on his Right to Information application.

Tags : Central Information Commission Panama Papers

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AAAR West Bengal: No Abatement for Construction Service on Value of PLS Realized Separately - 10.10.2019

Appellate Authority of Advance Ruling, West Bengal has held that that no abatement has been prescribed for construction service under Serial Number. 3(i) read with para 2 of Notification Number 11/2017 – Central Tax (Rate) dated 28.06.2017 is applicable on the value of PLS realized separately from the buyers.

Tags : AAAR West Bengal Abatement

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Delhi High Court has Jurisdiction on Case of Any State - 10.10.2019

Delhi High Court has directed the Union Jalshakti Ministry to consider the Writ Petition on illegalities and corruption in execution of the under-construction Polavaram multi-purpose project on the Godavari river. The Court dismissed a plea of a lawyer of the Centre that the project is located in Andhra Pradesh and so Delhi High Court has no jurisdiction to issue such an order.

Tags : Delhi High Court Jurisdiction

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Rakesh Asthana Bribery Case: Delhi High Court Gives CBI Final Two-Month Extension to Investigate - 09.10.2019

Delhi High Court has granted two more months to the Central Bureau of Investigation (CBI) to complete probe in a bribery case allegedly involving the agency's former special director Rakesh Asthana. The Court made it clear that no further time will be granted to the agency to complete the investigation in the case.

Tags : Delhi High Court Rakesh Asthana

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Supreme Court: Child has Right to Affection of Both Parents - 09.10.2019

Supreme Court has observed while considering a special leave petition filed by a father that a child has a right to the affection of both his parents. The Court further observed that visitation rights should be fixed in such a manner that the child gets to know and love his father.

Tags : Supreme Court Child

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NCLT Orders Metalyst Forgings Rebid - 09.10.2019

National Company Law Tribunal’s (NCLT) Mumbai bench has ordered a fresh round of bidding for stressed auto forgings company Metalyst Forgings after finding truth in winner Deccan Value Investors’ (DVI) claim that its plan had been “vitiated” due to “incorrect information” on the asset. However, it emphasised that DVI could have carried out its due diligence more effectively to avoid “derailing” of the resolution process.

Tags : NCLT Metalyst Forgings

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Indian Patent Office Rejects TVS Motor Company's Two-Stroke Engine Patent Application - 09.10.2019

Indian Patent Office has rejected the application of TVS Motor Company, maker of two-wheelers and three wheelers for a patent on a new two-stroke internal combustion engine. It had claimed this would pollute less, with better fuel efficiency.

Tags : Indian Patent Office TVS Motor

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CCI Gives Approval under Green Channel Route for Essel MF Acquisition by Sachin Bansal's BAC - 09.10.2019

Competition Commission of India (CCI) has given its approval under the 'green channel' route to acquisition of Essel Mutual Fund by a Sachin Bansal-owned entity. This is the first clearance under the 'green channel' route, a speedier approval mechanism put in place by the CCI.

Tags : CCI Green Channel Route

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Supreme Court Refuses Oil Ministry Request to Stay Sharing of Documents on Reliance Penalty - 09.10.2019

Supreme Court has rejected its petition against an order seeking disclosure of documents that formed basis for levy of $3-billion penalty on Reliance Industries over KG-D6 natural gas output not matching targets. A three-member international arbitration panel, hearing Reliance and its partner’s challenge to the Government levying penalty because of unutilised capacity due to production not matching targets, had asked the Ministry to share an array of documents that formed basis for its actions.

Tags : Supreme Court Traffic Reliance

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Supreme Court: Road Traffic Offences can be Prosecuted both under IPC and MV Act - 09.10.2019

Supreme Court has ruled that road traffic offences can be prosecuted under the Motor Vehicles Act, 1988 (MV Act) as well as the Indian Penal Code, 1860 (IPC) while emphasising on the gravity of rash and negligent driving causing fatalities on roads. The punishment of offenders of motor vehicle accidents under the IPC is stricter and proportionate to the offence committed, as compared with the MV Act.

Tags : Supreme Court Traffic Offences

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Supreme Court Stays Gujarat High Court Order on Pre-Import Conditions - 07.10.2019

Supreme Court has agreed to hear the Central Government’s plea against a Gujarat High Court order quashing government notification which permitted the Directorate of Revenue Intelligence to penalise exporters for wrongfully availing Goods and Services Tax exemption in specific cases where their exports preceded imports.

Tags : Supreme Court Pre-Import

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NGT: Industries will have to Recycle and Maintain Water Accounts - 07.10.2019

National Green Tribunal has issued a directive wherein slaughterhouses, food processing units and other industries from where large quantities of effluents are discharged will have to maintain water accounts. It will also be mandatory for the industrial units to recycle the amount of water they consume instead of discharging on land or in water.

Tags : NGT Water Accounts

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