18 November 2019


News

Supreme Court Sets Aside NCLAT Order Approving ArcelorMittal's Bid to Acquire Essar Steel - 15.11.2019

Supreme Court has set aside the July 4 order of the National Company Law Appellate Tribunal approving ArcelorMittal's Rs 42,000-crore bid for acquiring debt-laden Essar Steel. The Court quashed the National Company Law Appellate Tribunal order which had given financial creditors equal status with operational creditors in the distribution of ArcelorMittal's bid amount.

Tags : Supreme Court Essar Steel

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SEBI Permits Exchanges to Modify Commodity Derivatives Contracts - 15.11.2019

Securities and Exchange Board of India has decided to give more flexibility to exchanges regarding modifying contract specifications for all commodity derivatives contracts. Changes that exchanges can make include margins, launch date, among others.

Tags : SEBI Derivatives

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NCLAT Sets Aside Dhanuka's Resolution Plan for Debt-Laden Orchid Pharma - 15.11.2019

National Company Law Appellate Tribunal has set aside the approval of the resolution plan of Dhanuka Laboratories for Orchid Pharma.Dhanuka's plan was approved by the National Company Law Tribunal on June 25. The Appellate Tribunal also ordered to remit the matter to NCLT for a decision.

Tags : NCLAT Orchid Pharma

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GSTR-9, GSTR-9C Gets Simplified Further, Submission Dates Extended - 15.11.2019

Central Government has to extend the due dates of filing of Form GSTR-9 (Annual Return) and Form GSTR-9C (Reconciliation Statement) for Financial Year 2017-18 to December 31, 2019 and for Financial Year 2018-19 to March 31, 2020. It has also decided to simplify these forms by making various fields of these forms as optional.

Tags : GSTR-9 GSTR-9C

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Foreign Funds Case: Supreme Court Asks Indira Jaising, Anand Grover to Reply - 14.11.2019

Supreme Court has sought response from NGO Lawyers Collective and its founding members Anand Grover and Indira Jaising on a plea by the Central Bureau of Investigation challenging the Bombay High Court order granting protection from coercive action against them in an alleged Foreign Contribution (Regulation) Act, 2010 violation case. Further the Apex Court also refused to stay the Bombay High Court order.

Tags : Supreme Court Foreign Funds Case

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Rafale Verdict: Supreme Court Dismisses all Review Pleas in Fighter Jets Deal Case - 14.11.2019

Supreme Court has dismissed petitions seeking a review of its judgment giving a clean chit to the Central Government in the Rafale fighter jet deal with French firm Dassault Aviation. On May 10, the Apex Court had reserved the decision on the pleas seeking a re-examination of its findings that there was no occasion to doubt the decision-making process in the procurement of 36 Rafale fighter jets.

Tags : Supreme Court Rafale

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NCLAT Directs SEBI to File Reply on Revised Share Delisting Norms for Cos under Insolvency - 14.11.2019

National Company Law Appellate Tribunal has granted Securities and Exchange Board of India one "last chance" to file its reply on the revised share delisting norms for companies under insolvency. Further the Tribunal has granted one day time to SEBI for filing of affidavit and said that failing which, it will proceed ahead in the matter.

Tags : NCLAT Delisting Norms

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AAR Kerala: PVC Tufted Coir Mats and Mattings Taxable at 12% - 14.11.2019

Authority for Advance Ruling Kerala has ruled that PVC tufted coir mats and mattings shall be chargeable to a GST of 12%. The Tribunal ruled that PVC Tufted Coir Mats and Matting shall not be covered by the heading mentioning textile of coir and floor coverings covered under HSN 5702, 5703 and 5705. Further, it was held that if PVC/rubber are stuffed on the textile of coir used as floor mats, it shall fall under the Customs Tariff Head 5703 90 90 and will be taxed at 12%.

Tags : AAR Kerala Coir Mats

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SEBI Tightens Disclosure Norms for Municipal Bonds - 14.11.2019

Securities and Exchange Board of India has prescribed wider disclosures and compliances norms by the issuers of listed municipal bonds. SEBI has said in a Circular issued that such listed entities should prepare and submit half yearly unaudited financial results to the stock exchanges within 45 days of the end of the first half of the year, and will submit the annual audited financial results, within sixty days from the end of the financial year along with the audited report.

Tags : SEBI Municipal Bonds

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Supreme Court Brings Chief Justice of India's Office under RTI Act - 13.11.2019

Supreme Court has observed that Chief Justice of India's office comes under the Right to Information Act, 2005. The Apex Court had on April 4 reserved its verdict on appeals filed in 2010 by the Supreme Court Secretary General and its Central Public Information Officer against the High Court and the Central Information Commission's orders. The Court further noted that the CJI offices comes within public authority and that Right to Information and Right to Privacy were two sides of same coin.

Tags : Supreme Court RTI

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SC Directs Centre to Explore Feasibility of Hydrogen-Based Japanese Technology to Fight Air Pollution - 13.11.2019

Supreme Court has directed the Centre to explore the feasibility of a hydrogen-based Japanese technology as a permanent solution to the air pollution in the National Capital Region and other parts of north India. The Court directed the Centre to expedite the deliberations on the issue and come before the court with its findings on December 3,2019.

Tags : SC Air Pollution

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AAR West Bengal:No GST Registration Required for Co-Owner in AoP until Turnover has Reached Threshold - 13.11.2019

Authority of Advance Ruling, West Bengal has ruled that GST Registration is not needed for Co-Owner in Association of Persons until the turnover reached the Threshold limit under the Central Goods and Services Tax Act, 2017.

Tags : AAR West Bengal GST

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GST Evasion: Rajasthan High Court Grants Bail to Accused on Alleged ITC Fraud - 13.11.2019

Rajasthan High Court has granted bail to Accused on alleged Input Tax Credit worth Rs. 7.12 Crore. While allowing the bail application the Court observed that the total amount which as per Department is wrongly claimed after deposit of Rs.3.33 Crores is less than Rs.5 Crore.

Tags : Rajasthan High Court Bail

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Delhi HC Directs GST Dept to Open Online Portal to File Form TRAN-1 or to Accept Manually - 13.11.2019

Delhi High Court has directed Goods and Services Tax Department to either open the online portal so as to enable the Petitioner to file the Form TRAN-1 electronically or to accept the same manually on or before 20.11.2019.

Tags : Delhi HC GST

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AAR Kerala: Resale of Food Items and Sale of Bakery Products not Restaurant Services - 13.11.2019

Authority of Advance Rulings, Kerala has while prescribing the rates applicable on different items on bakery products ruled that resale of food and bakery products are not restaurant services. Further AAR has differentiated between the services provided by a restaurant and a bakery wherein, in the latter, ready to eat items are sold.

Tags : AAR Kerala Restaurant Services

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Hyderabad High Court Directs Setting Up 3-Member Judicial Committee to Resolve TSRTC Strike - 13.11.2019

Hyderabad High Court has ordered setting up a committee of three retired judges of the Supreme Court to sort out the issue of the Telangana State Road Transport Corporation strike. The Court further noted that it cannot term the strike as illegal, as sought by the Government.

Tags : Hyderabad High Court Strike

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SEBI Disposes of Case Against ABG Shipyard - 12.11.2019

Securities and Exchange Board of India has disposed of adjudicating proceedings initiated against ABG Shipyard, for allegedly not making requisite disclosure under the Listing norms, as the company is under liquidation. ABG Shipyard is undergoing insolvency proceedings under the Insolvency and Bankruptcy Code, 2016 as per the National Company Law Tribunal orders.

Tags : SEBI ABG Shipyard

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RBI Withdraws Few Exemptions Granted to HFIs - 12.11.2019

Reserve Bank of India has withdrawn some exemptions granted to mortgage finance companies in terms of complying with regulations such as provisions and creation of reserve fund that would put them on par with other non-banking finance companies. This has followed the shift of regulation of housing finance companies to the Mint Street from the National Housing Bank.

Tags : RBI HFIs

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SC Quashes NCLAT Order which held that Dissenting Financial Creditor should not be Discriminated - 11.11.2019

Supreme Court has quashed an order passed by the National Company Law Appellate Tribunal which ruled that a dissenting financial creditor cannot be discriminated. The Court observed while setting the order that the NCLAT could not have applied the amended Regulation 38 of IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 which began in January, 2017.

Tags : SC Financial Creditor

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Supreme Court: AICTE not Authorized to Regulate Degrees/Diploma in Architecture Education - 11.11.2019

Supreme Court has ruled that so far as recognition of degrees and diplomas of architecture education is concerned, the Architects Act, 1972 shall prevail. The Court noted that norms and regulations set by Council of Architecture and other specified authorities under the Act would have to be followed by an institution imparting education for degrees and diplomas in architecture.

Tags : Supreme Court Architecture

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Supreme Court Permits 7 More Girls of Muzaffarpur Shelter Home to be Restored with their Families - 11.11.2019

Supreme Court has allowed seven more girls, who were at the Muzaffarpur shelter home where allegations of rampant sexual assault surfaced last year, to reunite with their families. The Apex Court had earlier allowed eight girls, out of 44 in all, to be reunited with their families but only six of them have been able to do so.

Tags : Supreme Court Muzaffarpur

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Apex Court Stays Execution of Death Row Convict Guilty of Raping, Killing College Girl and Her Lover - 11.11.2019

Apex Court has stayed the execution of a death row convict who has been held guilty by the lower court and the Madras High Court for brutally killing a college girl and her lover after raping her near Suruli hills in Theni district of Tamil Nadu in 2011.

Tags : Apex Court Death Row

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Ayodhya Case:Supreme Court Rules in Favour of Ram Temple in Ayodhya,Orders Alternate Land for Muslims - 11.11.2019

Supreme Court has ruled in favour of the Hindus in the over 70-year-old Ram Janmabhoomi-Babari Masjid title dispute case ordering the allocation of the contested site to them for the construction of a temple. However the Court also ordered that 5 acres of alternate land should be provided to the Sunni Waqf Board at a prominent place in Ayodhya.

Tags : Supreme Court Ayodhya Case

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