COMPANY LAW
Shareholder With Less Than 10% Holding Can Pursue Oppression Petition With NCLT Exemption: NCLT Kochi
The National Company Law Tribunal (NCLT) at Kochi has clarified that a shareholder holding less than 10% of a company's share capital is not barred from filing an oppression and mismanagement petition, subject to obtaining the requisite exemption from the tribunal.A coram of Judicial Member Vinay Goel and Technical Member Ravichandran Ramasamy made the observation while dismissing two applications challenging the maintainability of an oppression and mismanagement plea against Vettathu Nadu...
NCLT Ahmedabad Sanctions Merger Of Triumph Offshore With Swan Defence And Heavy Industries
The Ahmedabad bench of the National Company Law Tribunal (NCLT) has sanctioned the merger of Triumph Offshore Private Limited (TOPL) with Swan Defence and Heavy Industries Limited (SDHIL), two group companies involved in activities including the purchase, sale, charter hire, construction, and repair of ships, boats and vessels.The scheme takes April 1, 2024 as its appointed date. The order was pronounced on August 6, 2026 by Judicial Member Shammi Khan and Technical Member Sanjeev Sharma.The...
NCLT Chennai Allows First Motion For Sun Direct GO Merger With Parent Sun Direct TV
The National Company Law Tribunal at Chennai has allowed a first-motion application for the proposed amalgamation of Sun Direct GO Private Limited, which runs an OTT streaming platform, with its wholly owned parent, Sun Direct TV Private Limited, and dispensed with meetings of the Transferor Company's equity shareholders and creditors.A coram of Judicial Member Jyoti Kumar Tripathi and Technical Member Ravichandran Ramasamy also dispensed with the requirement for Sun Direct TV to file a separate...
CA Certifying False Returns Can Be Prosecuted If Active Complicity, Mens Rea Shown: Calcutta High Court
The Calcutta High Court has recently held that a Chartered Accountant certifying a false statutory return or e-form can face prosecution if there are specific allegations showing that the professional knowingly participated in the falsification or actively connived in it.Justice Uday Kumar was hearing a revision filed by the Registrar of Companies, West Bengal, against the discharge of practising Chartered Accountant Ranjan Meghani.“The proposition that an independent professional certifying a...
NCLAT Delhi Sets Aside Transfer Of Assam Medical Corporation Shares For Articles Of Association Breach
The New Delhi National Company Law Appellate Tribunal (NCLAT) on 5 August held that a private company cannot transfer shares without complying with the procedure prescribed under its Articles of Association, including requirements relating to notice, valuation, and existing shareholders' right to purchase the shares before they are offered to outsiders. A Bench comprising Officiating Chairperson Justice Yogesh Khanna and Technical Member Ajai Das Mehrotra set aside the transfer of 117 shares...
NCLT Mumbai Directs Meetings Of Shareholders, Unsecured Creditors In Siemens Gamesa Group Merger
On August 6, the National Company Law Tribunal at Mumbai directed the convening of meetings of the equity shareholders and unsecured creditors of Siemens Energy Industrial Turbomachinery India Pvt. Ltd.The Tribunal passed te order in connection with a composite scheme of arrangement and amalgamation involving Siemens Gamesa Renewable Energy Projects Pvt Ltd, Siemens Energy Industrial Turbomachinery India Pvt Ltd and Siemens Gamesa Renewable Power Pvt Ltd.A Bench of Judicial Member K.R. Saji...
NCLT Jaipur Clears ₹288.37 Crore Resolution Plan For Holiday Inn Jaipur City Centre Operator ACCIL
The National Company Law Tribunal at Jaipur has approved the ₹288.37 crore resolution plan submitted by Oriental Structural Engineers Private Limited (OSEPL) for ACCIL Corporation Private Limited, which owns and operates the five-star Holiday Inn Jaipur City Centre.The approved resolution plan has a total value of ₹288.37 crore and was unanimously approved by the Committee of Creditors.A coram of Judicial Member Reeta Kohli and Technical Member Kavita Bhatnagar passed the order. The application...
NCLT Mumbai Issues Contempt Show Cause Notice To Atlas Equifin In Dispute With Jackie Shroff
The National Company Law Tribunal (NCLT) at Mumbai has issued a show cause notice for contempt against Atlas Equifin Pvt. Ltd. in a dispute with actor Jackie Shroff. The tribunal found that the company repeatedly failed to comply with its directions to pay the admitted buyback consideration.A bench of Judicial Member Sushil Mahadeorao Kochey and Technical Member Prabhat Kumar observed that Atlas Equifin's defiance of the Tribunal's orders was apparent and issued a show cause notice under Section...
NCLT Ahmedabad Sanctions Merger Of 10 Adani Power Subsidiaries Into Parent Company
The Ahmedabad bench of the National Company Law Tribunal (NCLT) has sanctioned a Scheme of Amalgamation for the merger of ten Adani Power subsidiaries into Adani Power Limited. The bench held that the proposal complied with the requirements of the Companies Act and adequately addressed the concerns raised by regulators.The order was passed by Judicial Member Chitra Hankare and Technical Member Dr. Velamur G. Venkata Chalapathy. The bench observed, "Further, in the joint petition filed under...
Article 227 Petition Not Maintainable When Similar Relief Sought Before Supreme Court: Kerala High Court
The Kerala High Court on 30 July held that parties cannot invoke its supervisory jurisdiction under Article 227 of the Constitution to seek interim relief in execution proceedings when connected appeals involving the same dispute are already pending before the Supreme Court. Justice T.R. Ravi refused to stay the execution proceedings pending before the National Company Law Tribunal (NCLT), Kochi in a family dispute over management of companies, holding that the petitioners must seek such relief...
LiveLawBiz Company Law Monthly Digest: July 2026
SUPREME COURTNSEL Moves Supreme Court Against HC Order Refusing Joint Trial In CBI Cases Over Alleged Payment CrisisNational Spot Exchange Ltd (NSEL) has moved the Supreme Court challenging the Bombay High Court's March 27, 2026 judgment refusing to direct a joint trial in two CBI cases arising out of the alleged NSEL payment crisis.Case Title : National Spot Exchange Limited vs The Central Bureau of Investigation Bank Securities and Fraud Cell Case Number : Diary No. 37177 of 2026Supreme...
NCLT Ahmedabad Orders Shareholder, Creditor Meetings For IRM Energy-Enertech Amalgamation Scheme
The Ahmedabad bench of the National Company Law Tribunal (NCLT) has allowed a joint application filed by Enertech Distribution Management Pvt. Ltd. and IRM Energy Ltd. in connection with their proposed scheme of amalgamation. The tribunal directed meetings of IRM Energy's equity shareholders and unsecured creditors. It dispensed with meetings of Enertech's equity shareholders and unsecured creditors, as well as IRM Energy's secured creditors, after recording the requisite consents.A bench of...