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Legal News

AP to enter MoU with Tata Power Delhi Distribution Ltd (22 Sep 2014)
To serve the consumer in a much better way, the Andhra Pradesh Government is going to enter into MoU with TATA Power Delhi Distribution Limited (TATA Power - DDL) to exchange latest initiatives in Information Technology (IT) and to implement the same in AP power sector.
RBI eases norms for equity share issuance under FDI (18 Sep 2014)
The Reserve Bank of India (RBI) has allowed companies to issue equity shares to a resident outside India against any type of fund subject to certain conditions.
FTIL opposes merger with NSEL (16 Sep 2014)
Financial Technologies India Limited (FTIL) today opposed the merger of scam-hit National Spot Exchange Limited (NSEL) with itself, as proposed by regulator Forward Markets Commission (FMC) for speedy recovery of dues, saying that such a move would affect the Jignesh Shah-led company and 60,000 shareholders.
India Inc calls for lowering interest rates (15 Sep 2014)
With inflation touching five-year low of 3.74 per cent in August, Corporate India today nudged the Reserve Bank of India (RBI) to slash interest rates in its coming monetary policy review.
RBI cancels certificate of registration of Shree Bhagwati Marketing (11 Sep 2014)
The Reserve Bank of India (RBI) has cancelled the certificate of registration granted to Shree Bhagwati Marketing for carrying on the business of a non-banking financial institution.
Sahara chief seeks 10 more days from SC for sale of his luxury hotels (05 Sep 2014)
Sahara group of companies has sought 10 days time for sale of three luxury hotels of the group in New York and London.
CBI chief seeks prosecution of Prashant Bhushan (05 Sep 2014)
The CBI today filed an application in the Supreme Court seeking prosecution of AAP leader Prashant Bhushan, who is appearing for an NGO in Coalgate scam case.
Madras HC relief to Kal Cables Limited (05 Sep 2014)
Madras High Court today gave a major breather to Sun-TV group's Kal Cables Limited, by setting aside the Information and Broadcasting Ministry's order cancelling the permanent registration to operate as Multi System Operator under the Digital Addressable System.
Calcutta HC dismisses Kingfisher appeal (28 Aug 2014)
The Calcutta High Court today dismissed an appeal by Kingfisher Airlines against a trial court order that its chairman Vijay Mallya and board of directors may be represented by its law officers or company secretary on a showcause notice by United Bank of India (UBI) for alleged willful default on payment of dues to the tune of Rs 400 crore.
Aircel-Maxis deal : SC nod to CBI charge sheet against Marans (28 Aug 2014)
The Supreme Court today refused to restrain CBI from filing charge sheet against former Union Telecom Minister Dayanidhi Maran and his two brothers in Aircel-Maxis scam case.



Judgments

In Re : Shubh Sponge Iron Private Limited and others vs.   [DELHI HIGH COURT, 09 Sep 2014]

Jhalani Tools Workers Union Faridabad vs. Jhalani Tools India Limited (In Liquidation)  [DELHI HIGH COURT, 03 Sep 2014]

Arun Bhardwaj vs. Onicra Credit Rating Agency of India Limited  [DELHI HIGH COURT, 03 Sep 2014]

In Re : Orient Home Accents Private Limited vs.   [DELHI HIGH COURT, 26 Aug 2014]

Ujval Sagar Suri vs. Ganga Sagar and Company Private Limited and another  [DELHI HIGH COURT, 20 Aug 2014]

Baranagore Jute Factory Plc. vs. Shreekishan Omprakash and another  [CALCUTTA HIGH COURT, 14 Aug 2014]
Corporate - Refund of money - Entitlement - Instant appeal filed against order passed by the Company Court on an application filed by the appellant/petitioner praying for direction to make over the money deposited with the Registrar - Relief which was claimed by the appellant/petitioner was not granted by the Company Court instantly as the Company Court was informed that the competence of the appellant/petitioner to obtain an order for refund, was seriously under challenge in one of the 9 applications pending for consideration before the Company Court - Whether appellant/petitioner was entitled to relief claimed for -

Held, competence of the appellant/petitioner to obtain an order for refund was under challenge in one of the applications filed by one of interveners, which was pending before the Company Court - Entitlement of the appellant/petitioner to receive the money deposited with the Registrar depends upon the fate of a pending application filed by one of such interveners, wherein entitlement of the appellant/petitoner to receive the said deposited money, was disputed - Hence, considering the amount of deposit which the appellants want to withdraw, and the company's indebtness to its various creditors and the quantum of its liability, coupled with the facts that even the workers have not been paid their dues, it would not be safe to allow a particular group of shareholders, who were described as interloper by the creditors, to withdraw the money deposited with the Registrar, without deciding the said issue finally, particularly appellant/petitioner themselves have filed an application praying for permanent stay of the company petition which was yet to be decided finally - No illegality in the impugned order passed by Company Court proposing to dispose of all the pending applications simultaneously - Order impugned was affirmed - Appeal disposed of.


In Re: (1) Italia Glass Private Limited; (2) Karishma Mosaics Private Limited; (3) Palladio Glass Limited; (4) Poesia Glass Limited and Piccolo Mosaic Limited vs.   [GUJARAT HIGH COURT, 13 Aug 2014]

Subhash Chand Goyal vs. Official Liquidator, Allahabad and others  [ALLAHABAD HIGH COURT, 11 Aug 2014]

In Re : Sea Hawk Resorts Private Limited and another vs.   [DELHI HIGH COURT, 06 Aug 2014]

BRD Finance Limited, Represented by its Authorized Signatory C. Shibu Job vs. (1) District Collector, Thrissur; (2) Tahsildar, Thalappilly, Thrissur District; (3) Village Officer, Thrissur  [KERALA HIGH COURT, 01 Aug 2014]
Corporate - Sales Tax - Companies Act, 1956, ss. 529A and 530 - Kerala General Sales Tax Act, 1963, s. 26A - Issuance of certificates - Petitioner purchased an item of property owned by a company in liquidation - Sale of the property was pursuant tender notice issued by the Official Liquidator and the sale was confirmed by HC - Petitioner proposed to establish an industrial unit in the property, for which clearances were required to be obtained from various authorities - However, respondent No. 3 was not issuing the required certificates and instead, the respondent No. 3 issued communication, stating that revenue recovery proceedings were pending against the company in liquidation when the property was purchased by the petitioner and therefore, the validity of the transaction in favour of the petitioner need to be examined before the certificates sought for by the petitioner were issued - Hence, instant petition - Whether respondents be directed to issue the certificates sought for by them -

Held, sales tax dues were to be recovered by the State from the sale proceeds in accordance with the provisions in s. 529A of the 1956, Act - S. 26A of the 1963, Act could not prevail when it comes into collision with the mandates of s. 529A of the 1963, Act - Petitioner, in the circumstances, was entitled to succeed - Communication of the respondent No. 3 was quashed - Respondent Nos. 1 to 3 directed to issue the certificates sought for by the petitioner - Order accordingly.





Notifications

NA (12 Sep 2014) (Notification)
Companies (Corporate Social Responsibility Policy) Amendment Rules, 2014 - Notification dated 12-09-2014
NA (04 Sep 2014) (Notification)
Companies (Removal of Difficulties) Seventh Order, 2014 - Notification dated 04-09-2014
NA (29 Aug 2014) (Notification)
Amendment in Companies Act, 2013 - Notification dated 29-08-2014
NA (14 Aug 2014) (Notification)
Companies (Meetings of Board and its Powers) Rules, 2014 - Notification dated 14-08-2014
568(E) (06 Aug 2014) (Notification)
Amendments in Schedule VII of Companies Act, 2013 - Notification dated 06-08-2014
NA (25 Jul 2014) (Notification)
Class of companies for purposes of second proviso to s. 203(1) of the Companies Act, 2013 notified - Notification dated 25-07-2014
NA (24 Jul 2014) (Notification)
Companies (Management and Administration) Second Amendment Rules, 2014 - Notification dated 24-07-2014
01/13/2013 (Part-I) CL-V (17 Jul 2014) (Notification)
Companies (Specification of definitions details) Amendment Rules, 2014 – Notification dated 17-07-2014
1/25/2013-CL-V (17 Jul 2014) (Notification)
Companies (Miscellaneous) Amendment Rules, 2014 – Notification dated 17-07-2014
S.O.1820(E) (09 Jul 2014) (Notification)
Companies (Removal of Difficulties) Fifth Order, 2014 – Order dated 09-07-2014

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Circulars

36 /2014 (17 Sep 2014) (Circular)
Clarification with regard to provisions of Corporate Social Responsibility (CSR) under section 135 of the Companies Act, 2013 - Circular dated 17-09-2014
35 /2014 (27 Aug 2014) (Circular)
Clarification Accounting Standards (AS) 10 - Capitalization of Cost - Circular dated 27-08-2014
DNBS.CC.PD.No.406/03.10.01/2014-15 (12 Aug 2014) (Circular)
Interest Rate Futures-NBFCs - Circular dated 12-08-2014
34 /2014 (12 Aug 2014) (Circular)
Company Law Settlement Scheme, 2014 - Circular dated 12-08-2014
33 /2014 (31 Jul 2014) (Circular)
Clarification with regard to applicability of provisions of section 139(5) and 139(7) of the Companies Act, 2013 – Circular dated 31-07-2014
31 /2014 (19 Jul 2014) (Circular)
Extension of validity of reserved names – Circular dated 19-07-2014
UBD. CO. BPD. PCB. Cir. No. 4/16.74.000/2014-15 (15 Jul 2014) (Circular)
Data Format for Furnishing of Credit Information to Credit Information Companies and other Regulatory Measures Circular No. UBD. CO. BPD. PCB. Cir. No. 4/16.74.000/2014-15 – Circular dated 15-07-2014
DNBS(PD).CC.No 400/03.10.42/2014-15 (14 Jul 2014) (Circular)
Know Your Customer (KYC) Norms/Anti-Money Laundering (AML) Standards /Combating of Financing of Terrorism (CFT)/Obligation of NBFCs under Prevention of Money Laundering Act (PMLA), 2002 Recognising E-Aadhaar as an 'Officially Valid Document' under PML Rules - Circular dated 14-07-2014
DNBS(PD).CC.No.399/03.10.42/2014-15 (14 Jul 2014) (Circular)
Levy of foreclosure charges/pre-payment penalty on Floating Rate Loans - Circular dated 14-07-2014
DNBS (PD).CC. No 398/03.10.42/2014-15 (10 Jul 2014) (Circular)
Know Your Customer (KYC) Norms/Anti-Money Laundering (AML) Standards/Combating of Financing of Terrorism (CFT)/Obligation of NBFCs under Prevention of Money Laundering Act (PMLA), 2002- Clarification on proof of Address - Circular dated 10-07-2014

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