Supreme Court Grants Time As Telsonic, Roop Ultrasonix Explore Settlement Over Rights Issue

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...

Supreme Court Stays Probe Into Exclusive Capital, Allows NCLAT Proceedings To Continue

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...

Supreme Court Refuses To Interfere With Delhi High Court Order Quashing SFIO Probe Into Moser Baer

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. After hearing the petitioner, the Bench said it was...

NCLT Indore Approves Cistro Telelink's Capital Reduction To Write Off Pandemic Losses

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...

NCLAT Refuses To Interfere With NSEL Spot Exchange Settlement, Says NCLT Did Not Exceed Jurisdiction

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...

Promoter Fund Infusion To Satisfy Bank's Terms Not a 'Deposit' Under Companies Act: NCLT Mumbai

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...

Directors Can't Bypass CEO To Call Board Meeting In Producer Company: NCLT Kochi

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. The tribunal said producer companies are governed by a special statutory...

NCLT Mumbai Dismisses Workmen's Belated Wage Claims Against IL&FS, Cites Moratorium

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. Rejecting the plea, the...

NCLT Ahmedabad Clears Cross-Border Merger of GNRL Oil & Gas Bahamas Unit With Indian Parent

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. The merger involves GNRL Oil & Gas Ltd., incorporated in the Bahamas, and GNRL Oil & Gas (I) Private...

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. In an order dated January 8, the registrar recorded that the company had passed the special resolution on May 18, 2024, but filed it only on September 5, 2025, way beyond the mandatory 30-day deadline. The...

Mere Preparation Of Balance Sheets Does Not Prove Business Activity: NCLT Mumbai Upholds Radiant Inn Strike-Off

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. A bench of Judicial Member Mohan Prasad Tiwari and Technical Member Charanjeet Singh Gulati, in an order dated January 6, observed, “Therefore,...

NCLT Allahabad Allows India Glycols To Proceed With Bio Pharma, Spirits Demerger

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' shareholdersA bench of Judicial Member Praveen Gupta and Technical...