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28% GST on online gaming to yield Rs 20,000 crore annually: Sanjay Malhotra Revenue Secretary Sanjay Malhotra has said the exchequer will get an estimated additional revenue of Rs 20,000 crore annually following the decision of the GST Council to levy 28 per cent tax on full bet value on online gaming. He said the GST Council has unanimously decided to impose 28 per cent tax on online gaming, casino and horse racing etc.  Further, he said that the government will pursue all cases in the Supreme Court for recovery of erstwhile tax demands. He stated the online...
28% GST on online gaming to yield Rs 20,000 crore annually: Sanjay Malhotra
28% GST on online gaming to yield Rs 20,000 crore annually: Sanjay Malhotra
Source: Accord Fintech
14/07/2023 10:02:42 AM
Google accuses India antitrust body of protecting Amazon in Android probe Google has accused India's antitrust body of ordering changes to its business model "only to protect" rival Amazon, which complained about its struggles to develop a modified version of the Android system due to Google's restrictions, legal papers show. Google has approached India's Supreme Court to quash the Competition Commission of India's (CCI) October order asking the company to make 10 changes to its business model after the CCI found it abused its dominant ...
Google accuses India antitrust body of protecting Amazon in Android probe
Google accuses India antitrust body of protecting Amazon in Android probe
Source: Reuters
6/07/2023 1:12:54 PM
Former SC judge Nazeer takes oath as Andhra Governor Former Supreme Court judge Justice S. Abdul Nazeer on Friday took oath as the Governor of Andhra Pradesh. Chief Justice of Andhra Pradesh High Court, Justice Prashant Kumar Mishra administered the oath of office to Justice Nazeer at a ceremony held at Raj Bhavan here. Chief Minister Y.S. Jagan Mohan Reddy, leader of opposition N. Chandrababu Naidu, ministers, judges and top officials attended the ceremony. After the swearing-in, the leaders and officials greeted the new Governor. ...
Former SC judge Nazeer takes oath as Andhra Governor
Former SC judge Nazeer takes oath as Andhra Governor
Source: IANS
24/02/2023 1:20:18 PM
Jio completes acquisition of Reliance Infratel, pays Rs 3,720 cr to lenders Reliance Jio Thursday completed the acquisition of Reliance Communication Ltd.'s (RCOM) tower and fiber assets by paying Rs 3,720 crore to the lenders. According to sources, the company has deposited Rs 3,720 crore in the escrow account of the State Bank of India (SBI). In November, the National Company Law Tribunal (NCLT) had given its approval to Jio for the acquisition of Reliance Infratel (RITL), an RCOM subsidiary that houses the tower and fibre assets. The tribunal had allo...
Jio completes acquisition of Reliance Infratel, pays Rs 3,720 cr to lenders
Jio completes acquisition of Reliance Infratel, pays Rs 3,720 cr to lenders
Source: IANS
22/12/2022 2:34:31 PM
Next financial crisis can be triggered by private cryptocurrencies if such instruments allowed to grow: Shaktikanta Das Pressing for the prohibition of instruments like Bitcoin, Reserve Bank of India (RBI) Governor Shaktikanta Das has warned that the next financial crisis can be triggered by private cryptocurrencies, if such speculative instruments are allowed to grow.  Das has been staunchly opposed to such instruments and the RBI has gone till the Supreme Court with its contention. He said 'Cryptocurrencies… have huge inherent risks from macroeconomic and financial stability (perspective) and...
Next financial crisis can be triggered by private cryptocurrencies if such instruments allowed to grow: Shaktikanta Das
Next financial crisis can be triggered by private cryptocurrencies if such instruments allowed to grow: Shaktikanta Das
Source: Accord Fintech
22/12/2022 12:43:25 PM
Insurance laws amendments : Delegation unlimited may invite despotism The proposal to shift the legislative powers and vest them with insurance regulator and several other amendments proposed to the two insurance laws have raised many an eyebrow in the insurance sector. They also wondered about the legality of the amendments proposed. "The industry as a whole is surprised at the gamut of the amendments proposed," an industry official told IANS on the condition of anonymity. "The proposed amendments are a mixed bag. Those who are initiate...
Insurance laws amendments : Delegation unlimited may invite despotism
Insurance laws amendments : Delegation unlimited may invite despotism
Source: IANS
5/12/2022 3:38:41 PM
Vedanta says state revenue share would make Barmer oil asset unviable Indian conglomerate Vedanta's Barmer oil and gas block in western India would be made unviable by a 10% rise in the government's share in the project's revenue, a company lawyer told the country's top court on Friday. The Supreme Court was hearing a dispute between Vedanta and the federal government related to an extension of the production-sharing contract for the Barmer asset in the state of Rajasthan. "The levy of additional 10% makes the project unviable," ...
Vedanta says state revenue share would make Barmer oil asset unviable
Vedanta says state revenue share would make Barmer oil asset unviable
Source: Reuters
11/11/2022 3:57:47 PM
In a first, Supreme Court live streams proceedings  For the first time in history, the Supreme Court proceedings were live streamed on Friday, more than three years after it recommended live-streaming for its hearings. The live streaming was done for the ceremonial bench of outgoing Chief Justice of India N.V. Ramana. "Please take notice that on the eve of laying down the office of the Chief Justice of India, the proceedings of the Hon'ble Chief Justice Court i.e., Ceremonial Bench on August 26, 2022, 10.30 a.m. onwards sh...
In a first, Supreme Court live streams proceedings
In a first, Supreme Court live streams proceedings
Source: IANS
26/08/2022 5:22:45 PM
Chief Justice Ramana requested by Law Minister to nominate successor  Chief Justice of India N.V. Ramana, who is set to demit office on August 26 on superannuation, on Wednesday received a communication from the Law and Justice Minister to nominate his successor. A communication from the apex court said: "Today (03.08.2022) at 2130 hrs, the Secretariat of the Chief Justice of India has received a communication dated 03.08.2022 from the Minister of Law and Justice requesting the CJI to recommend the name of his successor." Justice U.U. Lali...
Chief Justice Ramana requested by Law Minister to nominate successor
Chief Justice Ramana requested by Law Minister to nominate successor
Source: IANS
4/08/2022 11:01:55 AM
Pavan Kaushik gets Top Rankers Excellence Award in communication and PR Eminent corporate communication professional Pavan Kaushik, known for his cutting-edge communication strategies, was on Friday awarded with the 'Top Rankers Excellence Award - Corporate Communication and Public Relations Role Model' by the Top Rankers Management Club during the 22nd National Management Summit, 2022. The role model award is the highest award in the category of marketing, corporate communication and public relations. The award was presented to him by the former Su...
Pavan Kaushik gets Top Rankers Excellence Award in communication and PR
Pavan Kaushik gets Top Rankers Excellence Award in communication and PR
Source: IANS
18/06/2022 9:21:36 AM
SpiceJet gains after filing final settlement in Supreme Court along with Credit Suisse SpiceJet is currently trading at Rs. 49.85, up by 0.15 points or 0.30% from its previous closing of Rs. 49.70 on the BSE. The scrip opened at Rs. 49.95 and has touched a high and low of Rs. 52.45 and Rs. 49.35 respectively. So far 623052 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 87.25 on 24-Nov-2021 and a 52 week low of Rs. 46.40 on 06-May-2022. Last one week high and low of the scrip stood at Rs. 52.45 a...
SpiceJet gains after filing final settlement in Supreme Court along with Credit Suisse
SpiceJet gains after filing final settlement in Supreme Court along with Credit Suisse
Source: Accord Fintech
25/05/2022 11:56:22 AM
Supertech does not have sufficient funds to make refunds to home buyers, SC told The Supreme Court on Friday was informed that the embattled real estate firm Supertech Ltd. does not have sufficient funds to process refunds to home buyers who had purchased apartments in its 40-storey twin towers located in Noida and due to be demolished soon. In August last year, the top court had ordered demolition of twin towers and ordered refund to the home buyers, who had purchased apartments. Amicus curiae Gaurav Agarwal submitted before a bench headed by Justice D.Y. Chandrach...
Supertech does not have sufficient funds to make refunds to home buyers, SC told
Supertech does not have sufficient funds to make refunds to home buyers, SC told
Source: IANS
7/05/2022 9:23:10 AM
Supertech stares at insolvency amid heat of twin-tower demolition A couple of years ago, real estate firm Supertech Ltd was gaining steam with several thousand apartments in Delhi-NCR. It advertised extensively and the firm was among the top in the real estate sector. Then in 2020 came the Covid pandemic, which turned everything upside down and created an unprecedented crisis for the real estate industry. As things begin to normalise, it seems normalcy has reached beyond the reach of Supertech with the company receiving a twofold blow. First, in Au...
Supertech stares at insolvency amid heat of twin-tower demolition
Supertech stares at insolvency amid heat of twin-tower demolition
Source: IANS
23/04/2022 1:57:35 PM
Bank of Baroda nod to funding Amrapali projects, SC asks other banks to follow suit  In a relief for several thousand home buyers, the Supreme Court on Monday directed the consortium of banks to follow the footsteps of Bank of Baroda, which has issued a sanction order to grant funding for the stalled Amrapali housing projects, and take a decision on funding Amrapali projects within two days. A bench of Justices U.U. Lalit and Bela M. Trivedi noted that the Bank of Baroda has released an order, and directed the other members of the six-bank consortium, which also incl...
Bank of Baroda nod to funding Amrapali projects, SC asks other banks to follow suit
Bank of Baroda nod to funding Amrapali projects, SC asks other banks to follow suit
Source: IANS
7/03/2022 8:16:01 PM
SC accepts settlement between Adani Power, Gujarat Urja Vikas Nigam in Rs 11K crore PPA dispute The Supreme Court on Tuesday accepted the compromise reached between Adani Power (Mundra) Ltd. and Gujarat Urja Vikas Nigam Ltd. (GUVNL), over the supply of electricity. A five-judge bench headed by Chief Justice N.V. Ramana said: "In view of settlement deed, we dispose of the curative petition, by saying that both parties will be governed by the compromise". In a settlement, the private firm waived off its nearly Rs 11,000 crore dues with the state PSU in a dispute over termi...
SC accepts settlement between Adani Power, Gujarat Urja Vikas Nigam in Rs 11K crore PPA dispute
SC accepts settlement between Adani Power, Gujarat Urja Vikas Nigam in Rs 11K crore PPA dispute
Source: IANS
8/02/2022 12:28:42 PM
India to oppose international arbitration awards to Devas after court ruling - Finance Minister NEW DELHI - India's government will oppose international award granted to the Bengaluru-based Devas Multimedia Ltd, after the country's Supreme Court upheld the National Company Law Appellate Tribunal's (NCLAT) order to wind up the company. The government will oppose the international award to Devas after the Supreme Court decision, and the process of company liquidation would soon start, India's finance minister, Nirmala Sitharaman, told reporters on Tuesday. Under...
India to oppose international arbitration awards to Devas after court ruling - Finance Minister
India to oppose international arbitration awards to Devas after court ruling - Finance Minister
Source: Reuters
18/01/2022 5:15:10 PM
'Will extend benefits of low interest to homebuyers', Noida, Greater Noida realtors to SC The realtors of Noida and Greater Noida assured the Supreme Court on Saturday that the benefits of low interest, which was fixed by the apex court, on delay in payment to Noida authorities will trickle down to the homebuyers. Senior advocates Kapil Sibal and Abhishek Manu Singhvi, representing the builders, submitted before a bench comprising justices U.U. Lalit and Ajay Rastogi that Noida and Greater Noida authorities have accepted the verdict. The real estate companies further said th...
'Will extend benefits of low interest to homebuyers', Noida, Greater Noida realtors to SC
'Will extend benefits of low interest to homebuyers', Noida, Greater Noida realtors to SC
Source: IANS
14/11/2021 12:03:02 PM
SC rejects Bharti Airtel's plea of Rs 923 cr refund in GST returns In a major setback to Sunil Bharti-led Bharti Airtel, the Supreme Court on Thursday declined to entertain the telecom company's claim seeking refund of Rs 923 crore, by rectifying its GST returns for July to September 2017. A bench comprising justices A.M. Khanwilkar and Dinesh Maheshwari said: "the direction issued by the High Court being in the nature of issuing writ of mandamus to allow the writ petitioner to rectify Form GSTR-3B for the period from July to September 2017, in t...
SC rejects Bharti Airtel's plea of Rs 923 cr refund in GST returns
SC rejects Bharti Airtel's plea of Rs 923 cr refund in GST returns
Source: IANS
29/10/2021 9:24:53 AM
SBI, UCO Bank agree to invest Rs 450 crore in Amrapali projects, SC told The Supreme Court on Monday was told that the State Bank of India (SBI) and the UCO Bank have agreed to invest Rs 450 crore in Amrapali projects, but other banks, who were part of a consortium, are delaying the process. Senior advocate and court-appointed receiver R. Venkataramani submitted before a bench headed by Justice U.U. Lalit that six banks have agreed in principle, but things have not moved in the desired direction for nearly two months. He added that in order to accelerate the pr...
SBI, UCO Bank agree to invest Rs 450 crore in Amrapali projects, SC told
SBI, UCO Bank agree to invest Rs 450 crore in Amrapali projects, SC told
Source: IANS
26/10/2021 9:52:38 AM
Moratorium under IBC applicable to corporate debtor, not its promoters: Supreme Court The Supreme Court on Thursday held the moratorium under provisions of the Insolvency and Bankruptcy Code (IBC), which restrains initiation of any fresh proceedings or discontinuance of existing ones, does not protect the promoters of the stressed company, but applies only to the corporate debtor. A bench of Justices D.Y. Chandrachud, Vikram Nath, and Hima Kohli said: "It is clear that the moratorium provision contained in Section 14 IBC would apply only to the corporate debtor, the na...
Moratorium under IBC applicable to corporate debtor, not its promoters: Supreme Court
Moratorium under IBC applicable to corporate debtor, not its promoters: Supreme Court
Source: IANS
17/09/2021 9:49:11 AM
Refund for unutilised Input Tax Credit can't be claimed on input services: Supreme Court The Supreme Court on Monday upheld the validity of a rule of the Central Goods and Service Tax, which prescribes a formula excluding the refund of unutilised input tax paid on input services as part of input tax credit (ITC). A bench comprising Justices D.Y. Chandrachud and M.R. Shah upheld the validity of Rule 89(5), overturning a 2020 Gujarat High Court judgment which had held that Rule 89(5) was ultra vires Section 54 (3) of the CGST Act, 2017. Rule 89(5) of the CGST Rules provides for ...
Refund for unutilised Input Tax Credit can't be claimed on input services: Supreme Court
Refund for unutilised Input Tax Credit can't be claimed on input services: Supreme Court
Source: IANS
14/09/2021 10:39:58 AM
Future Retail to exercise remedies in law following SC judgement Future Retail said on Friday that there are remedies available in law, which it will exercise following the Supreme Court judgement in the arbitration award with Amazon. Supreme Court of India on Friday passed its judgement inter-alia stating that Emergency Arbitrator's order holds good under section 17(1) of the Arbitration and Conciliation Act and such award cannot be appealed under Section 17(2) of the Act. Future Retail said, "The judgement addresses two limited points rela...
Future Retail to exercise remedies in law following SC judgement
Future Retail to exercise remedies in law following SC judgement
Source: IANS
6/08/2021 3:10:30 PM
Amazon scores big win as India court stalls Future's $3.4 billion retail deal NEW DELHI -India's top court on Friday handed Amazon.com Inc a major victory in a case where it has sought to stall its partner Future Group's $3.4 billion retail assets sale to rival Reliance Industries . The outcome of the tussle involving two of the world’s richest men, Amazon’s Jeff Bezos and Reliance’s Mukesh Ambani, could reshape India’s pandemic-hit shopping sector and decide if Amazon can blunt Reliance’s dominance of the country's nearly t...
Amazon scores big win as India court stalls Future's $3.4 billion retail deal
Amazon scores big win as India court stalls Future's $3.4 billion retail deal
Source: investmentguruindia.com
6/08/2021 10:43:42 AM
News Alert : Reliance vs Amazon Clash, Supreme Court Verdict Today News Alert : Reliance vs Amazon Clash, Supreme Court Verdict Today
News Alert : Reliance vs Amazon Clash, Supreme Court Verdict Today
News Alert : Reliance vs Amazon Clash, Supreme Court Verdict Today
Source: investmentguruindia
6/08/2021 9:11:57 AM
Vedanta starts winding-off operations at oxygen plant Vedanta Ltd on Friday said its oxygen plant at its copper smelting unit, Sterlite Copper, in Tamil Nadu's Thoothukodi will start winding-off of operations. According to Vedanta, the start of winding-off operations on Friday is done to allow enough time for the defrosting process before the date indicated by the Supreme Court. "Our application for extension of the facility for a period of 6 months, is listed to be heard by the Hon'ble Supreme Court on August 6, 2021," i...
Vedanta starts winding-off operations at oxygen plant
Vedanta starts winding-off operations at oxygen plant
Source: IANS
31/07/2021 8:54:45 AM
No new debt scheme till SAT disposes appeal, Franklin Templeton to SC The Supreme Court on Monday recorded that Franklin Templeton Asset Management India Pvt Ltd will not launch any new debt scheme till the disposal of its pending appeal before Securities Appellate Tribunal (SAT). In June this year, the SEBI had directed 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 were shut down last year. The SAT had, however, found the SEBI's p...
No new debt scheme till SAT disposes appeal, Franklin Templeton to SC
No new debt scheme till SAT disposes appeal, Franklin Templeton to SC
Source: IANS
27/07/2021 9:59:48 AM
Supreme Court dismisses telcos plea seeking correction in AGR calculation  In a big setback for telecom companies, the Supreme Court on Friday dismissed their plea seeking correction of alleged errors in Adjusted Gross Revenue (AGR) calculation. A bench headed by Justice L. Nageswara Rao said all applications dismissed. On Monday, the apex court already said it would pass its order on applications filed by -- Vodafone Idea, Bharti Airtel and Tata Tele Services Ltd -- alleging arithmetical errors in calculation of AGR dues payable by them. The top court, ...
Supreme Court dismisses telcos plea seeking correction in AGR calculation
Supreme Court dismisses telcos plea seeking correction in AGR calculation
Source: IANS
23/07/2021 11:25:51 AM
Zomato flies on market debut, up 68% from issue price After a massive response to its IPO, online food delivery platform Zomato recorded a robust debut on the stock market on Friday. Around 10.58 a.m., its shares on the BSE were trading at Rs 127.90, higher by Rs 51.90 or 68.29 per cent from the issue price of Rs 76 per share. On the BSE, it got listed at Rs 115.00 a share. Further, on the National Stock Exchange, its shares were trading at Rs 127.20, against the issue price of Rs 76. It got listed on the NSE at Rs 116 per share. Pos...
Zomato flies on market debut, up 68% from issue price
Zomato flies on market debut, up 68% from issue price
Source: IANS
23/07/2021 11:17:40 AM
`SC order on limitations of timeline applicable only on appeals by taxpayers in GST matters` The Central Board of Indirect Taxes and Customs (CBIC) has clarified that extension of time limit for tax-related matters as per recent Supreme Court order is restricted only to quasi-judicial and judicial matters relating to petitions, applications, suits and appeals and will not impact actions such as scrutiny of returns, issuance of summons, search, enquiry or investigations and even consequential arrest in accordance with GST law. In a letter to all Principal Chief Commissioners and Di...
`SC order on limitations of timeline applicable only on appeals by taxpayers in GST matters`
`SC order on limitations of timeline applicable only on appeals by taxpayers in GST matters`
Source: IANS
22/07/2021 8:48:48 AM
Gurgaon Metro Project: IL&FS gets Rs 1,925 cr from Haryana government  IL&FS has received Rs 1,925 crore from Haryana Shehari Vikas Pradhikaran (HSVP) as interim termination payment in the Gurgaon Metro Project case. The payment, duly received in escrow accounts, comes in compliance of the Supreme Court order of March 26, 2021 that ruled in favour of IL&FS in the Gurgaon Metro Project, developed through IL&FS subsidiaries and Special Purpose Vehicles (SPVs), Rapid Metro Rail Gurgaon Limited (RMGL) and Rapid Metro Rail Gurgaon South Limited (...
Gurgaon Metro Project: IL&FS gets Rs 1,925 cr from Haryana government
Gurgaon Metro Project: IL&FS gets Rs 1,925 cr from Haryana government
Source: IANS
27/06/2021 1:56:13 PM
Not an expert: SC declines to pass order on moratorium amid Covid2.0 The Supreme Court on Friday said the courts are not experts in financial matters and disposed of a writ petition seeking fresh loan moratorium relief, extension of time period under the restructuring scheme and temporary cease on the declaration of NPA by banks amid the Covid-19 second wave. A bench comprising Justices Ashok Bhushan and M.R. Shah said: "We accept that we aren't experts in financial matters. We can't anticipate financial implications. These issues are in the re...
Not an expert: SC declines to pass order on moratorium amid Covid2.0
Not an expert: SC declines to pass order on moratorium amid Covid2.0
Source: IANS
11/06/2021 4:54:08 PM
SC grants 15-day interim bail to Ex-Unitech promoter Sanjay Chandra The Supreme Court on Friday granted an interim bail of 15-days to Unitech Ltd's former promoter Sanjay Chandra to attend the last rites of his father-in-law, who expired this week. A bench comprising Justices Indira Banerjee and M R Shah after hearing Chandra's counsel arguments on application for interim bail, agreed to grant him relief for 15 days. However, the top court declined to his counsel's submissions seeking more time. The bench asked Chandra's counsel to under...
SC grants 15-day interim bail to Ex-Unitech promoter Sanjay Chandra
SC grants 15-day interim bail to Ex-Unitech promoter Sanjay Chandra
Source: IANS
4/06/2021 4:09:31 PM
No more leeway for personal guarantors post SC verdict With the Supreme Court on Friday upholding the Centre's notification of November 15, 2019, allowing financial institutions to proceed against individual personal corporate guarantors for recovery of loans of a company under Insolvency and Bankruptcy Code (IBC) proceedings, legal experts say this verdict will go a long way in terms of recovery of dues by the creditors. DHFL's former promoter Kapil Wadhawan and Bhushan Power & Steel's former owner Sanjay Singal may be among t...
No more leeway for personal guarantors post SC verdict
No more leeway for personal guarantors post SC verdict
Source: IANS
22/05/2021 9:22:43 AM
Power under GST law to order provisional attachment 'draconian': Supreme Court The Supreme Court on Tuesday said the rule of law in a constitutional framework is fulfilled when law is substantively fair, procedurally fair and applied in a fair manner, as it held that the power to order a provisional attachment of property, including a bank account, of a taxable person, under the GST law is "draconian in nature". The top court emphasised that this power of attachment can't be used as an "unguided discretion" by the authorities. A bench of Ju...
Power under GST law to order provisional attachment 'draconian': Supreme Court
Power under GST law to order provisional attachment 'draconian': Supreme Court
Source: IANS
20/04/2021 11:19:48 PM
GST should be citizen-friendly, provisional attachment draconian: Supreme Court The Supreme Court on Wednesday said the taxman cannot see all businesses as fraudulent, as it made sharp observations against the manner in which Goods and Services Tax was implemented by tax authorities. A bench comprising Justices D.Y. Chandrachud and M.R. Shah said: "The Parliament had intended the GST to be a citizen-friendly tax structure... the purpose of the Act is lost in the manner in which it is enforced in our country." The observations were made during the hearing ...
GST should be citizen-friendly, provisional attachment draconian: Supreme Court
GST should be citizen-friendly, provisional attachment draconian: Supreme Court
Source: IANS
7/04/2021 4:22:20 PM
Supreme Court rules in favour of Tata in long-drawn tussle with former chairman NEW DELHI  - The Supreme Court on Friday ruled in favour of autos-to-steel conglomerate Tata Group in its long-drawn legal tussle with former chairman Cyrus Mistry whose family firm owns an 18% stake in the group holding company, Tata Sons. Mistry in 2016 was sacked from his job at the helm of Tata Sons, the holding company for the Tata Group, after he fell out with group patriarch Ratan Tata over corporate governance issues at Tata group companies. The two sides have since been em...
Supreme Court rules in favour of Tata in long-drawn tussle with former chairman
Supreme Court rules in favour of Tata in long-drawn tussle with former chairman
Source: Reuters
26/03/2021 12:30:58 PM
Supreme Court rules against extending moratorium on bank loan repayments NEW DELHI/MUMBAI - India's top court on Tuesday rejected an attempt to extend a six-month moratorium on loan repayments to banks, but ruled that no borrowers can be charged any extra interest incurred on loans during that period, which ended in August last year. The judgement came as a relief to bank investors and India's Nifty PSU bank index, which tracks state-run banks, rose as much as 3.93% while the Nifty Bank index rose as much as 2.07% following the verdict. The Reserve B...
Supreme Court rules against extending moratorium on bank loan repayments
Supreme Court rules against extending moratorium on bank loan repayments
Source: Reuters
23/03/2021 6:02:43 PM
SC restrains banks from charging interest-on-interest on borrower during moratorium The Supreme Court on Tuesday said any amount collected during moratorium period by banks as interest on interest or compound interest, should either be refunded or adjusted against the next EMIs payable by the borrowers. A bench comprising Justices D. Y. Chandrachud, M. R. Shah and Sanjiv Khanna pronounced the verdict. The top court said it could not understand the rationale behind waiving interest on interest on loans up to Rs 2 crore, and why this limit has been set by the government, ha...
SC restrains banks from charging interest-on-interest on borrower during moratorium
SC restrains banks from charging interest-on-interest on borrower during moratorium
Source: IANS
23/03/2021 11:24:13 AM
NCLT/NCLAT can`t interfere with `commercial wisdom` of CoC The Supreme Court has said that the National Company Law Tribunal (NCLT) or the National Company Law Appellate Tribunal (NCLAT) cannot interfere with the "commercial wisdom" of the Committee of Creditors (CoC), except within the limited scope under Sections 30 and 31 of the Insolvency and Bankruptcy Code(IBC), Live Law reported. A three-judge bench comprising Justices A.M. Khanwilkar, B.R. Gavai and Krishna Murari set aside an order of the NCLAT which had annulled the decision of...
NCLT/NCLAT can`t interfere with `commercial wisdom` of CoC
NCLT/NCLAT can`t interfere with `commercial wisdom` of CoC
Source: IANS
12/03/2021 12:19:12 PM
SC: Consider making law for additional courts to deal with cheque bounce cases The Supreme Court on Thursday stressed that Centre should come up with a law to create additional courts, for a specific period, to counter pendency of cheque bounce cases which runs over 35 Lakhs. A five-judge Constitution bench headed by Chief Justice S.A. Bobde said under Article 247 of the Constitution, the Centre has power to establish additional courts to deal with cheque dishonour cases under provisions of Negotiable Instruments (NI) Act. Article 247 says Notwithstanding anything in...
SC: Consider making law for additional courts to deal with cheque bounce cases
SC: Consider making law for additional courts to deal with cheque bounce cases
Source: IANS
5/03/2021 9:46:12 AM
Supreme Court bars final tribunal ruling on Future's $3.4 billion deal NEW DELHI - India's Supreme Court barred on Monday a final ruling by a tribunal reviewing Future Group's $3.4 billion sale of retail assets until the top court hears objections from aggrieved partner Amazon.com Inc, three sources said. Amazon appealed to the Supreme Court this month against Future Group's sale to market leader Reliance Industries, accusing its partner of violating contracts by agreeing to the sale. The outcome of the tussle involving two of the world's r...
Supreme Court bars final tribunal ruling on Future's $3.4 billion deal
Supreme Court bars final tribunal ruling on Future's $3.4 billion deal
Source: Reuters
22/02/2021 1:01:41 PM
SC: Consent by majority sufficient to wind up Franklin Templeton's 6 schemes The Supreme Court on Friday rejected the objections to poll results and held that the unitholders of the six mutual funds schemes of Franklin Templeton have given their consent by majority to wind up the schemes which the mutual fund house had closed in April last year. In a 54-page judgment, a bench comprising Justices S. Abdul Nazeer and Sanjiv Khanna said the underlying thrust behind 18(15)(c) of the SEBI (mutual funds) Regulation is to inform the unitholders of the reason and cause for...
SC: Consent by majority sufficient to wind up Franklin Templeton's 6 schemes
SC: Consent by majority sufficient to wind up Franklin Templeton's 6 schemes
Source: IANS
13/02/2021 9:42:29 AM
FTMF: SC upholds e-voting of unit holders, Rs 9,122Cr to be disbursed The Supreme Court on Friday upheld the validity and results of e-voting of unit holders of six mutual schemes of Franklin Templeton and said Rs 9,122 crore will be disbursed as per its earlier order. On February 2, the Supreme Court had directed Franklin Templeton Mutual Fund (FTMF) to distribute Rs 9,122 crore among unit-holders of the six schemes that were shut by the mutual fund house in April last year. The court had said the distribution of funds need to be undertaken by the SBI Mu...
FTMF: SC upholds e-voting of unit holders, Rs 9,122Cr to be disbursed
FTMF: SC upholds e-voting of unit holders, Rs 9,122Cr to be disbursed
Source: IANS
12/02/2021 12:59:10 PM
SBI Fund Management seeks shield from liability in FTMF fund disbursement The Supreme Court has clarified that SBI Fund Management, and not SBI Mutual Funds, will be responsible for distribution of Rs 9,122 crore to unitholders of the six wound-up Franklin Templeton schemes. The SBI Fund Management also sought protection from any liability arising from the fund distribution exercise. A bench comprising Justices S. Abdul Nazeer and Sanjiv Khanna allowed the SBI Fund Management to become a party in the case, as it clarified that there was a clerical error in the p...
SBI Fund Management seeks shield from liability in FTMF fund disbursement
SBI Fund Management seeks shield from liability in FTMF fund disbursement
Source: IANS
10/02/2021 9:26:04 AM
SC asks FTMF to disburse Rs 9,122 cr to investors; CFMA cheers for unit-holders The Supreme Court on Tuesday directed Franklin Templeton Mutual Fund (FTMF) to distribute Rs 9,122 crore among unit-holders of the six schemes that were shut by the mutual fund house in April last year and said the distribution of funds need to be undertaken by the SBI Mutual Fund and completed within 20 days. The Apex court said the unit-holders should be repaid in proportion to their respective share in assets of the scheme and the distribution of funds would be undertaken by the SBI Mut...
SC asks FTMF to disburse Rs 9,122 cr to investors; CFMA cheers for unit-holders
SC asks FTMF to disburse Rs 9,122 cr to investors; CFMA cheers for unit-holders
Source: IANS
3/02/2021 9:32:22 AM
NPCI let WhatsApp go live on UPI after full compliance, RBI to SC The Reserve Bank of India has told the Supreme Court that the National Payment Corporation of India (NPCI) allowed WhatsApp to "go live" on UPI only after ensuring it was fully compliant with its circular. The central bank also stressed the onus is on the NPCI to respond on the status of compliance of WhatsApp, Google and Amazon with the system rules/procedural guidelines governing the Unified Payments Interface (UPI). In an affidavit, the RBI said: "NPCI is the system ...
NPCI let WhatsApp go live on UPI after full compliance, RBI to SC
NPCI let WhatsApp go live on UPI after full compliance, RBI to SC
Source: Reuters
29/01/2021 8:58:53 AM
Police to let protesting farmers into New Delhi on Republic Day - official Police in India's capital New Delhi will allow thousands of protesting farmers to drive through the city after this week's Republic Day military parade, despite security concerns, a senior official said on Sunday. The police statement comes after India's Supreme Court on Wednesday declined a government petition to ban the rally. Farmers have been camping on the outskirts of national capital for around two months in protest against Prime Minister Narendra Modi's controver...
Police to let protesting farmers into New Delhi on Republic Day - official
Police to let protesting farmers into New Delhi on Republic Day - official
Source: Reuters
25/01/2021 10:17:31 AM
Plant closure: SC declines Vedanta`s plea for early hearing of appeal  The Supreme Court on Friday declined to entertain a plea by Vedanta seeking early hearing on its appeal filed against the Madras High Court order, which declined to allow the reopening of its Tuticorin plant. As the Tamil Nadu government had filed a special leave petition in the top court for expunging certain remarks in the Madras High Court order, a bench headed by Justice R. F. Nariman and comprising Justices Navin Sinha and K. M. Joseph admitted it and tagged it with the main mat...
Plant closure: SC declines Vedanta`s plea for early hearing of appeal
Plant closure: SC declines Vedanta`s plea for early hearing of appeal
Source: IANS
22/01/2021 5:48:47 PM