SUPREME COURT
Case Title: Yerram Vijay Kumar v. The State of Telengana and Anr
Citation: 2026 LLBiz SC 2
Case Number: SLP (Crl.) No. 11530 OF 2024
The Supreme Court has held that a special court cannot entertain a private complaint in cases involving fraud under the Companies Act. It ruled that where an offence attracts punishment under the fraud provision, cognisance can be taken only on a complaint filed by the Serious Fraud Investigation Office or an authorised officer of the Central government.
A Division Bench of Justice J K Maheshwari and Justice K Vinod Chandran held that offences under Section 448 of the Companies Act, which deals with false statements in company filings and records, are inseparably linked to Section 447, the provision that prescribes punishment for fraud.
Supreme Court Refuses To Interfere With Delhi High Court Order Quashing SFIO Probe Into Moser Baer
Case Title : Karanartham Viramah Foundation v. Union of India & Anr.
Citation : 2026 LLBiz SC 26
Case Number : SLP(C) No. 004081 / 2026
The Supreme Court on Tuesday declined to interfere with the Delhi High Court's decision quashing a Serious Fraud Investigation Office probe into Moser Baer India Limited, holding that the High Court committed no error in setting aside the government's order directing the investigation.
A Division Bench of Justice Prashant Kumar Mishra and Justice N.V. Anjaria dismissed the Special Leave Petition filed by Karanartham Viramah Foundation.
Supreme Court Stays Probe Into Exclusive Capital, Allows NCLAT Proceedings To Continue
Case Title : Exclusive Capital Limited & Ors. vs Kanta Agarwala & ANR
Citation : 2026 LLBiz SC 27
Case Number : Civil Appeal No. 15207/2025
The Supreme Court on Tuesday stayed the investigation ordered into the affairs of Exclusive Capital Limited, an NBFC, while issuing notice in an appeal filed by the company and its promoters.
It, however, clarified that the proceedings pending before the National Company Law Appellate Tribunal have not been stayed and would continue in accordance with law.
A bench of Justices Sanjay Kumar and K. Vinod Chandran directed that the investigation initiated pursuant to the order passed by the National Company Law Tribunal, New Delhi and affirmed by the National Company Law Appellate Tribunal on November 21, 2025, shall remain stayed until the next hearing.
Supreme Court Grants Time As Telsonic, Roop Ultrasonix Explore Settlement Over Rights Issue
Case Title : Telsonic Holdings AG vs Roop Ultrasonix Ltd & Anr
Citation : 2026 LLBiz SC 29
Case Number : Civil Appeal Nos.14817-14818/2025
The Supreme Court on Wednesday granted additional time to the parties in a dispute between Telsonic Holding AG and Roop Ultrasonix Ltd after they informed the court that they were trying to reach an amicable settlement.
The court was hearing appeals filed by Telsonic Holding AG challenging a National Company Law Appellate Tribunal (NCLAT) order that had set aside an earlier ruling of the National Company Law Tribunal (NCLT) Mumbai relating to a rights issue by Roop Ultrasonix.
A bench of Justices J.B. Pardiwala and K.V. Viswanathan noted the joint request made by counsel for more time and directed that the matter be listed after four weeks.
HIGH COURT
Case Title: Binu Surendran and Anr. v. V. Vijayakumar and Ors. and connected cases
Citation: 2026 LiveLaw (Ker) 1
Case Number: WA No. 2023 of 2024 and connected cases
The Kerala High Court directed the Union government to comply with a 2009 Delhi High Court order and decide if the Sree Narayana Dharma Paripalana Yogam (SNDP Yogam) is governed by the Companies Act or the Kerala Non-Trading Companies Act.
The Division Bench comprising Justice Devan Ramachandran and Justice M.B. Snehalatha set aside the Single bench judgment, which had set aside a 1974 government order that granted exemption to the Yogam, a company registered under the 1882 Companies Act.
Case Title : Sunil Kumar Agarwal vs Serious Fraud Investigation Office
Citation : 2026 LLBiz HC (CAL) 14
Case Number : WPA No. 12186 of 2025
The Calcutta High Court has clarified that the central government cannot initiate prosecution under the Companies Act on the basis of an interim report submitted by the Serious Fraud Investigation Office and must wait for the final investigation report after completion of the probe.
Justice Krishna Rao made the observation while allowing a writ petition filed by Sunil Kumar Agarwal and quashing a Look Out Circular issued against him during the pendency of an SFIO investigation, noting that neither an interim report nor a final investigation report had been submitted to the central government.
Case Title : Arun Kumar Bagla v. SCJ Plastics Ltd.
Case Number: W.P. (CRL) 2165/2019 & CRL. M.A. 32848/2019
Citation: 2026 LLBiz HC (DEL) 46
The Delhi High Court has said that a company's inability to pay its dues because of financial distress is a civil issue, not a criminal offense. A director cannot be prosecuted for cheating unless there is clear proof of personal fraud or personal gain.
Justice Neena Bansal Krishna quashed cheating charges against a former managing director of Creative Wares Limited, a manufacturing company that later ran into financial trouble and was declared a sick industrial company by the BIFR.
NCLAT
NCLAT Refuses To Interfere With NSEL Spot Exchange Settlement, Says NCLT Did Not Exceed Jurisdiction
Case Title : L.J. Tanna Enterprises Private Limited & Ors. v. National Spot Exchange Limited
Citation : 2026 LLBiz NCLAT 19
Case Number : Company Appeal (AT) No. 03/2026
The National Company Law Appellate Tribunal (NCLAT) at Delhi has recently refused to interfere with an order of the Mumbai bench approving a ₹1,950-crore one-time settlement for traders affected by the 2013 National Spot Exchange Ltd default, holding that the National Company Law Tribunal did not exceed its jurisdiction while sanctioning the scheme.
A bench of Judicial Member Justice Yogesh Khanna and Technical Member Ajai Das Mehrotra observed that a plain reading of the impugned order shows that the National Company Law Tribunal has not exceeded its jurisdiction and has never directed the quashing of criminal cases pending against the company.
NCLT
NCLT Mumbai Approves Demerger Of Vedanta's Merchant Power Business Into Talwandi Sabo Power
Case Title: Vedanta Ltd, Vedanta Aluminum Metal Ltd, Talwandi Sabo Power Ltd, Malco Energy Ltd, Vedanta Base Metals Ltd, Vedanta Iron and Steel Ltd
Citation: 2026 LLBiz NCLT (BOM) 34
Case Number: C.P.(CAA)/254/(MB)2025, C.A.(CAA)/220(MB)2024
The Mumbai bench of the National Company Law Tribunal (NCLT) approved a restructuring move within the Vedanta group, clearing the demerger of the merchant power business of Vedanta Ltd and its transfer to Talwandi Sabo Power Ltd.
The order was passed on a second-motion petition filed by Talwandi Sabo Power Ltd.
The coram, comprising Judicial Member Mohan Prasad Tiwari and Technical Member Charanjeet Singh Gulati, noted that all statutory requirements had been met and that the company had placed on record approvals from both secured and unsecured creditors.
NCLT Orders Cadila Healthcare To Restore Shares Fraudulently Dematerialised From Two Senior Citizens
Case Title: Satya Saxena v. Cadila Healthcare Ltd & Ors
Citation: 2026 LLBiz NCLT (AHM) 39
Case Number: Comp. Appeal No. 298 of 2019
The National Company Law Tribunal (NCLT) at Ahmedabad has directed Cadila Healthcare Limited, now known as Zydus Lifesciences, to restore the shareholdings of two senior citizens after finding that their shares were fraudulently dematerialised without their consent. The tribunal also ordered the company to pay Rs 2 lakh to each of the two shareholders as costs.
The order was passed by a coram of Judicial Member Shammi Khan and Technical Member Sanjeev Sharma on pleas filed by Satya Saxena and Raj Kishan Saxena under Section 59 of the Companies Act, 2013.
NCLT Mumbai Sanctions Merger Of Bayer Zydus Into Bayer Pharmaceuticals
Case Title: Bayer Zydus Pharma Pvt Ltd and Bayer Pharmaceuticals Pvt Ltd
Citation: 2026 LLBiz NCLT (MUM) 42
Case Number: C.P. (CAA) /44 (MB) 2025 IN C.A. (CAA) /132 (MB) 2024
The National Company Law Tribunal (NCLT) at Mumbai has approved the merger of Bayer Zydus Pharma Pvt Ltd into Bayer Pharmaceuticals Pvt Ltd, as part of a group-level corporate restructuring exercise.
A coram of Judicial Member Lakshmi Gurung and Technical Member Hariharan Neelakanta Iyer in an order on January 9, observed that the companies complied with the applicable laws and the scheme was not prejudicial to the interest of its members or public interest.
Case Title: Dattatray Maruti Khune vs Union of India
Citation: 2026 LLBiz NCLT (MUM) 50
Case Number: IA 1179 of 2020 IN CP / 2996/ (MB)/ 2019
The National Company Law Tribunal at Mumbai has clarified that a statutory auditor cannot avoid liability for fraudulent filings by claiming misuse of his digital signature certificate (DSC) by his own employee.
It held that under settled principles of agency, a principal is bound by the acts of his agent carried out within the scope of implied authority.
A coram of Judicial Member Sushil Mahadeorao Kochey and Technical Member Prabhat Kumar made the observation while dismissing an application by Dattatray Maruti Khune, former auditor of Netwealth Agrotech India Ltd, seeking dismissal of proceedings initiated against him under Section 140(5) of the Companies Act.
NCLT Chandigarh Clears Merger Of Alternative Fuel Company Into Lumax Group Company
Case Title: Greenfuel Energy Solutions Private Limited and Lumax Resources Private Limited
Citation: 2026 LLBiz NCLT (CHD) 63
Case Number: CP (CAA) 46/Chd/Hry of 2025
The National Company Law Tribunal (NCLT) at Chandigarh has cleared the merger of Greenfuel Energy Solutions Private Limited, a Gurgaon-based manufacturer of alternative fuel system components and batteries, with Lumax Resources Private Limited, a group company of listed auto components maker Lumax Auto Technologies Limited.
A bench of Judicial Member Khetrabasi Biswal and Technical Member Kaushalendra Kumar Singh sanctioned the scheme on January 14, 2026. The tribunal said the merger complied with legal requirements and faced no surviving objections.
Defying CIRP Orders 'Not In Public Interest', Amounts To Civil Contempt: NCLT Mumbai
Case Title: Pravin R. Navandar vs Sagar Sharma & Anr.
Citation: 2026 LLBiz NCLT (MUM) 57
Case Number: Cont.A. (IBC)/33/MB/2025 IN CP(IB) No. 1241 of 2022
The National Company Law Tribunal (NCLT) at Mumbai has held that deliberate disobedience of its directions during a corporate insolvency resolution process (CIRP), even on the ground that the quantification of a financial creditor's claim is pending in appeal, is against public interest and amounts to civil contempt.
Allowing a contempt application filed by the resolution professional (RP) of Hotel Horizon Private Limited against its suspended directors, coram of Judicial Member Sushil Mahadeorao Kochey and Technical Member Prabhat Kumar said that their conduct “meets the ingredients of section 2(b) of the Contempt of Courts Act, 1971.”
Case Title: Shailesh Shah & Anr. Vs Sunshine Realtors Pvt Ltd. & Ors
Citation: 2026 LLBiz NCLT (MUM) 62
Case Number: CP 59 OF 2015
The National Company Law Tribunal (NCLT) at Mumbai has observed that non-filing of annual returns and financial statements is, by itself, prejudicial to the interests of company members, as it exposes the company to the consequence of being struck off from the register of companies.
A coram of Judicial Member Sushil Mahadeorao Kochey and Technical Member Prabhat Kumar made the observation while deciding a petition alleging oppression and mismanagement in the affairs of Sunshine Realtors Private Ltd.
NCLT Allahabad Allows India Glycols To Proceed With Bio Pharma, Spirits Demerger
Case Title : India Glycols Limited and Ors.
Case Number : CA (CAA) NO. 36/ALD/2025 (First Motion)
Citation : 2026 LLBiz NCLT (ALL) 69
The National Company Law Tribunal (NCLT) at Allahabad has recently allowed India Glycols Limited, a listed green chemicals and bio-based products company, to move ahead with the proposed demerger that will split its biopharma business and its spirits and biofuel business into separate companies.
The tribunal allowed its first motion application, dispensing with meetings of secured creditors and the resulting companies' shareholders
A bench of Judicial Member Praveen Gupta and Technical Member Ashish Verma said it was satisfied that the dispensations sought at this stage could be granted, observing, “We are of the view that the dispensation of the meetings prayed for by the Applicant Companies deserves to be allowed.”
Case Title : Deepak Ashutosh Bharadwaj, Suhani Deepak Bharadwaj vs The Registrar of Companies, Mumbai
Citation : 2026 LLBiz NCLT (MUM) 67
Case Number : Company Appeal No. 54/MB/ 2025
The National Company Law Tribunal (NCLT) at Mumbai has held that the mere preparation of balance sheets and audited financial statements does not establish that a company was carrying on business or was in operation. Holding so, it upheld the Registrar of Companies' action in striking off the name of Radiant Inn Pvt Ltd from the register of companies.
NCLT Ahmedabad Clears Cross-Border Merger of GNRL Oil & Gas Bahamas Unit With Indian Parent
Case Title : GNRL Oil and Gas Ltd. and Anr.
Citation: 2026 LLBiz NCLT (AHM) 77
Case Number : CA (CAA) No. 12 of 2023
The National Company Law Tribunal (NCLT) at Ahmedabad has cleared a cross-border merger that will see a Bahamas-based oil and gas company merged into its Indian parent.
A coram of Judicial Member Chitra Hankare and Technical Member V G Venkata Chalapathy said the scheme was “bona fide and in the interest of the shareholders and creditors” and approved it under the Companies Act.
NCLT Mumbai Dismisses Workmen's Belated Wage Claims Against IL&FS, Cites Moratorium
Case Title : S.A. Azad, Authorised Representative of Workmen vs Infrastructure Leasing and Financial Services Ltd.
Citation : 2026 LLBiz NCLT (MUM) 79
Case Number : IA (COMPANIES.ACT)/120 (MB) 2025 IN CP/3638 (MB) 2018
The National Company Law Tribunal (NCLT) at Mumbai has dismissed an application filed by S.A. Azad, the authorised representative of 31 workmen, seeking admission of wage claims against Infrastructure Leasing and Financial Services Ltd. (IL&FS).
The tribunal dismissed the application on the grounds that the claims were barred by the 2018 moratorium and filed beyond the extended timelines, while also noting that the workmen were not directly employees of IL&FS.
Directors Can't Bypass CEO To Call Board Meeting In Producer Company: NCLT Kochi
Case Title : Mrs Sunija Darsan v. Shelly Chandrangadan and Ors
Citation : 2026 LLbiz NCLT (KOC) 86
Case Number : CP(C/ACT)/34(KOB)2021
The National Company Law Tribunal (NCLT) at Kochi has set aside a notice convening a board meeting of Harithamrutham Farmers Producer Company Limited, holding that the notice violated mandatory provisions of the Companies Act applicable to producer companies.
A coram of Judicial Member Vinay Goel held that once a Chief Executive Officer is appointed, the power to issue notice of board meetings rests only with the CEO.
Promoter Fund Infusion To Satisfy Bank's Terms Not a 'Deposit' Under Companies Act: NCLT Mumbai
Case Title : Ansumera Realty & Infra Pvt Ltd vs Vimla Thakarashi Dedhia
Citation : 2026 LLBiz NCLT (MUM) 78
Case Number : Company Application 370 of 2022 In Company Petition 412 of 2021
The National Company Law Tribunal at Mumbai (NCLT) has held that unsecured money brought into a company by its promoters to meet a bank's lending condition does not qualify as a deposit under the Companies Act, and that repayment proceedings under the deposit provisions cannot be maintained.
A bench of Judicial Member Mohan Prasad Tiwari and Technical Member Charanjeet Singh Gulati passed the order on January 21. The tribunal said, “Once the transaction is covered by the statutory exclusion, the amount so received cannot be treated as a 'deposit' within the meaning of Section 2(31) of the Companies Act, 2013.”
NCLT Indore Approves Cistro Telelink's Capital Reduction To Write Off Pandemic Losses
Case Title : Cistro Telelink Limited
Citation : 2026 LLBiz NCLT (IND) 91
Case Number : CP 4 (MP) of 2025
The National Company Law Tribunal (NCLT) at Indore has approved a 40 percent reduction in the share capital of Cistro Telelink Limited, a Madhya Pradesh-based company engaged in software production and cable network distribution, holding that the proposal causes no prejudice to any stakeholder.
A coram of Judicial Member Brajendra Mani Tripathi and Technical Member Man Mohan Gupta noted that the reduction complied with Section 66 of the Companies Act and had overwhelming shareholder approval.
Tribunal Can Ensure AGM Is Held, Cannot Step Into Post-AGM Issues: NCLT Kochi
Case Title : Malabar Produce & Rubber Co Limited v. Joseph Stanislaus and Anr
Citation : 2026 LLBiz NCLT (KOC) 99
Case Number : CP (C/ACT)/26/KOB/2025
The National Company Law Tribunal (NCLT) at Kochi has rejected a plea by Malabar Produce and Rubber Co Ltd, ruling that the tribunal can step in only when an Annual General Meeting is not held, and not to sort out problems that arise after a meeting has already taken place.
A bench of Judicial Member Vinay Goel explained that this limited power flows from Section 97 of the Companies Act, 2013. The provision allows the tribunal to direct that an AGM be convened when a company fails to hold one. It does not permit the tribunal to review, supervise, or complete business that remains pending after a meeting has been duly held.
Case Title : Abhinand Ventures Pvt. Ltd. & Essar Power Ltd.
Citation : 2026 LLBiz NCLT (DEL) 102
Case Number : CA (CAA)/1 (AHM) /2026
The National Company Law Tribunal (NCLT) at Ahmedabad has cleared the first motion in a group restructuring exercise through which the Essar Group proposes to shift ownership of the “Essar” brand from one group company to another.
A bench of Judicial Member Shammi Khan and Technical Member Sanjeev Sharma allowed the first motion and directed that meetings of shareholders and creditors be convened to consider the scheme. Meetings of certain classes were dispensed with after written consent affidavits were placed on record.
OTHER CASES
Delta Corp Moves NCLT Mumbai For Demerger Of Its Gaming And Hospitality Businesses
Delta Corp, a listed gaming and hospitality company popularly known for its casinos under the Deltin brand. has approached the National Company Law Tribunal, Mumbai, seeking approval to demerge its businesses into two separate entities, one focused on the gaming business and the other on hospitality and real estate.
The proposal forms part of a revised composite scheme of arrangement approved by the company's board of directors at its meeting held on December 6, 2024. Pursuant to the board approval, Delta Corp filed the scheme with the stock exchanges and subsequently filed the application under Sections 230 to 232 of the Companies Act.
ROC Ahmedabad Fines SMR Jewels ₹54,500 For 445-Day Delay In Filing Private Placement Resolution
The Registrar of Companies at Ahmedabad has recently imposed a fine of Rs 54,500 on SMR Jewels Limited for a 445-day delay in filing a special resolution related to a private placement of equity shares.
This, according to the registrar, was in violation of the Companies Act, 2013.