Calcutta High Court Quashes ROC-Initiated Criminal Proceedings Against Binani Cements Officials Over Filing Error

The Calcutta High Court on Thursday quashed criminal proceedings initiated by the Registrar of Companies against the Company Secretary and a Director of Binani Cements Ltd. over an error in XBRL filings made with the Registrar, holding that the absence of mens rea and non-compliance with the mandatory procedure under Section 202 CrPC rendered the prosecution unsustainable.Justice Uday Kumar, while dealing with criminal revisional applications filed by Atul Pukhraj Falgunia and Ramkrishna...

NCLAT Sets Aside NCLT Order Cancelling 30,000-Share Allotment, 15,626-Share Sale In Peerless General Finance

The National Company Law Appellate Tribunal (NCLAT) at Delhi has recently set aside a Kolkata NCLT order that had cancelled the allotment of 30,000 shares made in 1987–88 and the sale of 15,626 shares in Peerless General Finance & Investment Co. Ltd. (PGFI). It held that no case of oppression or mismanagement was made out under Sections 397–398 of the Companies Act, 1956. The appellate tribunal was hearing three connected appeals against a common order dated July 18, 2022 in a long-running...

NCLT Mumbai Refuses To Unwind IL&FS–SREI Transactions, Applies Doctrine Of Election

The Mumbai Bench of the National Company Law Tribunal (NCLT) on 13 April held that a party which has consistently treated transactions as valid, independent and enforceable cannot later seek to unwind them by taking a contradictory stand. Applying the doctrine of election and the principle that one cannot approbate and reprobate, a Bench of Judicial Member Sushil Mahadeorao Kochey and Technical Member Prabhat Kumar refused to unwind financial transactions between Infrastructure Leasing and...

Madras High Court Refuses To Fast-Track Karti Chidambaram's NCLT Plea Seeking Defreezing Of Bank Account

The Madras High Court on Thursday refused to direct the National Company Law Tribunal (NCLT), Chennai Bench, to expeditiously dispose of an application filed by Karti P. Chidambaram, son of former Union Minister P. Chidambaram, in PMLA proceedings against him, seeking defreezing of his bank account, holding that such directions would place “unnecessary pressure” on judicial forums. A Division Bench of Justice S.M. Subramaniam and Justice K. Surender said constitutional courts must exercise...

NCLT Chennai Approves Roots Multi Clean Capital Reduction, Says Valuation Approval Is Majority's Wisdom

The National Company Law Tribunal (NCLT) at Chennai has recently declined to interfere with a share capital reduction scheme of an industrial cleaning equipment manufacturer, holding that valuation of shares falls within the commercial wisdom of the majority of shareholders and warrants no interference absent compelling reasons. A bench of Judicial Member Jyoti Kumar Tripathi and Technical Member Ravichandran Ramasamy observed,“. …the approval of the valuation is ultimately a matter of the...

NCLT Amaravati Dismisses Plea To Rectify Blue Ocean Minerals' Register Of Members, Finds No Valid Share Allotment

The National Company Law Tribunal's Amaravati Bench has dismissed a plea for rectification of the register of members after holding that the petitioners failed to establish valid allotment of shares and their status as shareholders. A bench of Judicial Member Kishore Vemulapalli and Technical Member Umesh Kumar Shukla, while dismissing the petition by Velagapudi Vedavathi and others, who claimed to be shareholders of Blue Ocean Minerals Pvt. Ltd., observed: “In light of the foregoing analysis,...

NCLT Bar Body Moves Allahabad HC Against Joint Scrutiny Of Allahabad Bench Filings, Alleges Repeated Defect Objections

The Company Law Tribunal Bar Association, Prayagraj, has moved the Allahabad High Court challenging a public notice dated February 27, 2026 issued by the Registrar of the National Company Law Tribunal (NCLT), Principal Bench, which alters the scrutiny mechanism for filings before the Jaipur and Allahabad Benches. Under the impugned notice, scrutiny of matters filed before the NCLT Jaipur Bench is to be undertaken by the Jaipur registry itself, while scrutiny of matters filed before the...

NCLT Bengaluru Approves Fintech Firms Khosla Labs-Novopay Solutions Scheme Of Amalgamation

On 9 April, the Bengaluru Bench of the National Company Law Tribunal (NCLT) approved the merger of Khosla Labs Private Limited with Novopay Solutions Pvt Ltd, holding that the scheme met all statutory requirements and that no objections were received from regulatory authorities. A Bench comprising Judicial Member Sunil Kumar Aggarwal and Technical Member Radhakrishna Sreepada sanctioned the scheme of amalgamation under the Companies Act, 2013, observing: “Accordingly, the Scheme of...

Scheme Of Arrangement Cannot Be Used To Bypass Mandatory Capital Reduction Procedure: NCLT Mumbai

The Mumbai Bench of the National Company Law Tribunal (NCLT) held that a scheme of compromise or arrangement under Section 230 of the Companies Act, 2013 cannot be used to bypass the specific statutory mechanism prescribed for reduction of share capital under Section 66.On 10 April, a Bench comprising Judicial Member Ashish Kalia and Technical Member Sanjiv Dutt dismissed a company petition filed by Bangalore Elevated Tollway Pvt Ltd seeking approval for reduction of share capital of about Rs....

NCLT Ahmedabad Allows First Motion in Triumph Offshore–Swan Defence Merger

On 13 April 2026, the Ahmedabad National Company Law Tribunal (NCLT) approved the first motion application filed jointly by Triumph Offshore Pvt. Ltd. and Swan Defence and Heavy Industries Ltd., in proceedings seeking sanction of their proposed scheme of arrangement and amalgamation under Sections 230–232 of the Companies Act, 2013. A Bench comprising Judicial Member Shammi Khan and Technical Member Sanjeev Sharma reiterated that shareholder and creditor meetings may be dispensed with...

Karnataka High Court Sets Aside $114,041 Decree, Says Time-Barred Claims Cannot Be Revived By Assignment

The Karnataka High Court has recently set aside a Commercial Court order directing Komtech Plastic Technologies India Pvt. Ltd. to pay USD 114,041 to Zrii Technologies Inc., holding that a time-barred claim cannot be revived through assignment of receivables, while modifying relief granted on equity shares.A Division Bench of Chief Justice Vibhu Bakhru and Justice C.M. Poonacha held that the Commercial Court had erred in treating the dispute as a declaratory suit and in concluding that the claim...

MCA Draft Rules for Company Incorporation Propose Merging Multiple Forms Into Two To Ease Compliance Burden

Companies may soon be able to file just two forms instead of several specified incorporation-related filings, with the Ministry of Corporate Affairs proposing a significant overhaul to make compliance simpler. The Ministry has put out the draft Companies (Incorporation) Amendment Rules, 2026, for public consultation, seeking feedback till May 9. The move follows a broader review of suggestions from stakeholders and is aimed at making incorporation processes smoother and less burdensome. A key...