COMPANY LAW
LiveLawBiz Company Law Half-Yearly Digest: January- June, 2026
SUPREME COURTSpecial Court Cannot Hear Private Complaints In Companies Act Fraud Cases; Only SFIO Can File: Supreme CourtThe Supreme Court on Friday 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.Case Title:...
NCLT Mumbai Approves Merger Of Three JSW Steel Subsidiaries With Parent Company
The Mumbai bench of the National Company Law Tribunal approved the merger of JSW Steel Ltd's three wholly owned subsidiaries, Amba River Coke Ltd, Monnet Cement Ltd., and JSW Retail and Distribution Ltd, into the parent companyThe bench of Judicial Member Sushil Mahadeorao Kochey and Technical Member Prabhat Kumar held that the scheme was fair, reasonable and not contrary to law or public policy.The merger aims to simplify the JSW Group's corporate structure, improve operational efficiency,...
NCLT Mumbai Approves Merger Of Jaypore, TG Apparel Into Aditya Birla Fashion & Retail
The Mumbai Bench of the National Company Law Tribunal (NCLT) on Thursday approved the merger of Jaypore E-Commerce Pvt Ltd and TG Apparel & Decor Pvt Ltd, both wholly owned subsidiaries, into Aditya Birla Fashion and Retail LtdA coral of Technical Member Prabhat Kumar and Judicial Member Sushil Mahadeorao Kochey held that the scheme was fair, reasonable and not contrary to law or public policy."From the material on record, the Scheme appears to be fair and reasonable and is not in violation...
Interrogatories Maintainable In Oppression & Mismanagement Cases Before Company Law Board: Delhi High Court
The Delhi High Court on Wednesday held that interrogatories are maintainable in oppression and mismanagement proceedings before the Company Law Board (now NCLT), observing that such discovery mechanisms help elicit material facts and shorten prolonged trials.A coram of Justice Anish Dayal held that interrogatories cannot be rejected merely on the ground of delay if they are relevant to the issues in dispute and are neither vexatious nor oppressive.Interrogatories are a set of written questions...
NCLT Mumbai Approves Cross-Border Merger Of UAE Legal Consultancy Company With Indian Parent
The Mumbai bench of the National Company Law Tribunal (NCLT) has recently approved the cross-border merger of Begur International Legal Counsellors FZ-LLC, a UAE-based company engaged in legal consultancy, with its Indian parent, Pranesh Eservices Private Ltd. The tribunal found the proposed scheme to be fair, reasonable, and not contrary to law or public policy. A tribunal comprising Judicial Member Lakshmi Gurung and Technical Member Hariharan Neelakanta Iyer held that all statutory...
NCLAT Revives IL&FS Plea To Unwind ₹1,080 Crore SREI Group-Linked Lending Transactions
The National Company Law Appellate Tribunal (NCLAT) at Delhi has revived Infrastructure Leasing & Financial Services Ltd.'s (IL&FS) bid to unwind six lending transactions allegedly structured to bypass the Reserve Bank of India's directions restricting fresh lending to group companies. Setting aside an order of the Mumbai bench of the National Company Law Tribunal (NCLT), the appellate tribunal held that the lower tribunal had wrongly treated Srei Infrastructure Finance Ltd.'s (SIFL)...
NSEL Moves Supreme Court Against HC Order Refusing Joint Trial In CBI Cases Over Alleged Payment Crisis
National 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.NSEL argues that the cases stem from the same alleged fraudulent paired contracts. It says they involve the common accused, witnesses, and documents. The special leave petition, filed on June 19, 2026, is yet to be listed. The dispute concerns two CBI Special Cases pending...
LiveLawBiz Company Law Monthly Digest: June 2026
SUPREME COURTValidity Of Vote Cast On Behalf Of Society At Company's AGM Cannot Be Decided By Who Voted First: Supreme CourtThe Supreme Court has recently held that the validity of a vote cast on behalf of a society at a company's annual general meeting cannot be determined merely by who voted first. The Court ruled that voting authority must flow from the society's governing documents and the statutory framework regulating electronic voting.Case Title : HINDUSTAN MEDICAL INSTITUTION vs BIRLA...
Bona Fide Dispute Over Liability Bars Winding Up Proceedings: Madhya Pradesh High Court
The Madhya Pradesh High Court at Gwalior on 22 June held that a bona fide dispute over the rate of goods supplied to a company bars initiation of winding-up proceedings under Sections 433(e), 434(1)(a) and 439(1)(d) of the Companies Act, 1956. Justice Ashish Shroti dismissed a company petition filed by Mahavir Enterprises against Gwalior Sugar Company Ltd., finding that the claim involved disputed questions of fact regarding the applicable rates and outstanding liability. He observed: ...
NCLT Chennai Defreezes Karti Chidambaram's Salary & Family Accounts, Partly Relaxes SFIO Freezing Order
On June 19, the Chennai Bench of the National Company Law Tribunal (NCLT) ordered the defreezing of Congress MP Karti P. Chidambaram's salary account and the bank accounts of his family members. However, it directed that the freeze on his other personal bank accounts, fixed deposits, and movable assets would continue in connection with an ongoing Serious Fraud Investigation Office (SFIO) probe under Section 212(14A) of the Companies Act, 2013.Judicial Member Jyoti Kumar Tripathi and Technical...
NCLT Chennai Clears First Motion For Refex Industries' Green Mobility Business Restructuring
The National Company Law Tribunal (NCLT) at Chennai has allowed the first motion application filed by Refex Industries Limited (RIL) in relation to a composite scheme of amalgamation and arrangement involving Refex Green Mobility Limited (RGML) and Refex Mobility Limited (RML).RGML and RML are the wholly owned subsidiaries of RIL, whose shares are listed on the Bombay Stock Exchange and National Stock Exchange. A coram of Judicial Member Sanjiv Jain and Technical Member Venkataraman...
NCLT Ahmedabad Orders Secured Creditors' Meeting In Resolute Corp Bharat Demerger Scheme
The Ahmedabad bench of the National Company Law Tribunal (NCLT) has recently directed a meeting of the secured creditors of Resolute Corp Bharat Pvt Ltd in relation to a proposed demerger of its agro-commodity trading business into Growthspirit Trading Pvt Ltd. The tribunal found that while the secured creditors had submitted consent and no-objection letters, they had not furnished affidavits required for dispensation of their meeting. The order was passed by Judicial Member Shammi Khan and...