COMPANY LAW
NCLT Mumbai Allows First Motion For Merger Of Emerson Process Management India With Emerson Electric India
The NCLT Mumbai has approved the first motion in the scheme of amalgamation whereby Emerson Process Management Power and Water Solutions India Pvt Ltd. (transferor company) will merge into Emerson Electric Company (India) Pvt Ltd. (transferee company), both engaged in industrial automation, process management, network power, and climate technology solutions.A bench of Judicial Member K.R. Saji Kumar and Technical Member Anil Raj Chellan passed the order on April 20, allowing the application...
NCLT Delhi Approves Powerlinks Transmission Scheme To Reclassify Reserves Into Retained Earnings
The National Company Law Tribunal (NCLT) at the New Delhi bench has recently sanctioned a scheme of arrangement of Powerlinks Transmission Limited involving the reclassification of Rs. 78.83 crore from its general reserves into retained earnings, holding that it is “not prejudicial to the interest of the equity shareholders and creditors.” The order dated April 16, 2026 was passed by Acting President Bachu Venkat Balaram Das and Technical Member Ravindra Chaturvedi on a second motion petition...
Offences Under IBC Triable By Special Court Where Registered Office Is Located: Madhya Pradesh High Court
The Madhya Pradesh High Court on 9 April held that offences under the Insolvency and Bankruptcy Code, 2016 (IBC) must be tried by the Special Court having jurisdiction over the place where the company's registered office is situated, and not on the basis of the residence of directors or the place of alleged non-compliance. A Single-Judge Bench of Justice Rajesh Kumar Gupta directed the Insolvency and Bankruptcy Board of India to file its complaint against Vinay Bhadauria before the...
Death Of Shareholder Led To AGM Default, NCLT Mumbai Compounds Offence, Cuts Fine To ₹1.16 Lakh
Holding that the default occurred on account of the death of a shareholder, the National Company Law Tribunal (NCLT), Mumbai, has compounded the offence arising from the delay in holding the Annual General Meeting of Dighi Agencies Private Limited for FY 2016–17. A coram of Judicial Member Lakshmi Gurung and Technical Member Hariharan Neelakanta Iyer imposed a total compounding fee of Rs. 1.16 lakh, as against the maximum fine computed by the Registrar of Companies at over Rs. 1.63 crore.The...
Transfer Of Unclaimed Shares To IEPF Does Not Extinguish Ownership: NCLT Jaipur
The National Company Law Tribunal (NCLT) at Jaipur has recently held that the transfer of unclaimed shares and dividends to the Investor Education and Protection Fund (IEPF) does not extinguish ownership and directed Shree Cement Ltd. to issue duplicate share certificates to Sumati Projects Limited. “The transfer to IEPF does not extinguish the underlying ownership of the Petitioner; it only transfers the unclaimed shares and dividends to the Fund. The Company is still duty-bound to issue...
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...