Non-Filing Of Reply Alone Cannot Justify Interim Relief In Oppression, Mismanagement Proceedings: NCLAT

The National Company Law Appellate Tribunal (NCLAT) has recently ruled that mere non-filing of a reply to an interim application cannot, by itself, justify granting interim relief, particularly when the relief affects the rights of the parties and no effective opportunity has been given to respond.“Even if it is presumed that the Appellant has not filed Reply to the proceedings, either of the Company Petition or even to the application, I.A. No. 19/2021, even then the Ld. Tribunal was required...

Asics India-Onitsuka Tiger Demerger: NCLT Chandigarh Allows First Motion Application

The Chandigarh bench of the National Company Law Tribunal (NCLT) has allowed the first motion application filed by Asics India Private Limited and OT India Private Limited for the proposed demerger of Asics India's Onitsuka Tiger business.The tribunal, comprising Judicial Member Khetrabasi Biswal and Technical Member Kaushalendra Kumar Singh, also dispensed with the requirement of convening meetings of the companies' equity shareholders and creditors.Asics and Onitsuka Tiger are two separate...

LiveLawBiz Company Law Digest : September 2026

SUPREME COURTCompany Can Be Prosecuted For Criminal Offences Without Identifying Guilty Natural Person: Supreme CourtThe Supreme Court on Monday held that identification of a natural person is not a prerequisite, at the threshold stage, for prosecuting a corporate entity for an offence involving mens rea.Case Title : Sanofi India Ltd v. Central Bureau of Investigation Case Number : Criminal Appeal No. 4250 of 2026 CITATION : 2026 LLBiz SC 298Supreme Court Refuses To Interfere With NCLAT Order...

NCLT Allahabad Approves Magnum Ventures' Demerger Of Paper Business Into Magnum Paperz

The Allahabad bench of the National Company Law Tribunal (NCLT), has allowed the First Motion Application filed jointly by Magnum Ventures Limited (Demerged Company) and Magnum Paperz Limited (Resulting Company) under the Companies Act, 2013 proposing the demerger of the paper business from Magnum Ventures into Magnum Paperz.The order was passed by the bench of Judicial Member Praveen Gupta and Technical Member Ashish VermaMagnum Ventures Limited operates two distinct verticals, paper...

Arbitration Clause In Articles Of Association Operates Independently Of Companies Act: Calcutta High Court

On Monday, 28 September, the Calcutta High Court held that an arbitration clause contained in a company's Articles of Association operates as an independent agreement and does not make disputes covered by the clause subject exclusively to the jurisdiction of the National Company Law Tribunal (NCLT). A Division Bench comprising Justices Sabyasachi Bhattacharyya and Sandip Kumar De made the observation while allowing an appeal filed by Ambica Beri against the District Judge's refusal to grant...

Commercial Necessity Cannot Override Oppression Claims, NCLAT New Delhi Tells NCLT

On 25 September, the National Company Law Appellate Tribunal (NCLAT) at New Delhi held that a company's claim that a restructuring was commercially necessary or undertaken to address financial exigencies cannot by itself relieve the National Company Law Tribunal (NCLT) of its duty to examine allegations of oppression and mismanagement. A Bench comprising Judicial Member Justice Sharad Kumar Sharma and Technical Members Arun Baroka and Indevar Pandey set aside the Delhi NCLT's order dismissing a...

Supreme Court Stays NCLAT Order Reviving IL&FS Plea Over ₹1,080 Crore SREI Group Linked Transactions

The Supreme Court on Monday stayed the operation of the National Company Law Appellate Tribunal (NCLAT) order reviving Infrastructure Leasing & Financial Services Ltd. (IL&FS)'s plea seeking to unwind six alleged circuitous lending transactions worth ₹1,080 crore involving SREI Infrastructure Finance Limited (SIFL) group entities.The case arose from six lending transactions worth ₹1,080 crore undertaken between March 2017 and March 2018, which IL&FS alleged were structured to...

'One Stage Too Early': NCLAT Sets Aside NCLT Rejection Of HNPCL Merger With GOCL At First Motion Stage

The National Company Law Appellate Tribunal (NCLAT) Chennai has set aside an order of the National Company Law Tribunal (NCLT) Amravati Bench rejecting the first motion application for the proposed merger of Hinduja National Power Corporation Ltd. (HNPCL) with GOCL Corporation Ltd.The appellate tribunal held that the NCLT considered the merger scheme too early. It should not have interfered before the shareholders and creditors took a decision on the scheme.Judicial Member Justice N. Seshasayee...

NCLT Delhi Sanctions Merger Of Sesa Care With Dabur India

The New Delhi bench of the National Company Law Tribunal (NCLT) has sanctioned the amalgamation of Sesa Care Private Limited with Dabur India Limited, approving the merger of the ayurvedic personal care company with the listed FMCG major.The order was passed on September 24 by Judicial Member Bachu Venkat Balaram Das and Technical Member Ravindra Chaturvedi.Sesa Care, incorporated in 2018, manufactures, purchases and sells ayurvedic personal care and wellness products. Dabur is engaged in the...

NCLT Mumbai Allows First Motion Merger Of CIE Aluminium Casting With CIE Automotive India

The National Company Law Tribunal, Mumbai has allowed the first motion application for the merger by absorption of CIE Aluminium Casting India Ltd with CIE Automotive India Ltd, under Sections 230-232 of the Companies Act, 2013. A coram of Judicial Member K.R. Saji Kumar and Technical Member Anil Raj Chellan dispensed with the meetings of shareholders and creditors, as the transferor is wholly owned by the transferee and the scheme does not involve any compromise or diminution of creditors'...

NCLT Mumbai Vacates Property Attachment Of PNB Officers In Nirav Modi-Mehul Choksi Fraud Case

The National Company Law Tribunal at Mumbai has vacated the attachment of few properties in proceedings arising from the alleged fraud involving Nirav Modi, Mehul Choksi, and Gitanjali Gems.The tribunal partly allowed applications filed by Punjab National Bank officers Becchu Tiwari and Prafull Sawant. However, it refused to dismiss the company petition against them.The tribunal held that their individual role and knowledge of the alleged fraud would have to be examined on the basis of...

NCLT Mumbai Approves Vidarbha Industries Power Merger With Adani Power

The National Company Law Tribunal's Mumbai Bench has sanctioned the merger of Vidarbha Industries Power Limited with Adani Power Limited as part of a larger scheme under which 10 Adani Group companies are being amalgamated into Adani Power.A bench of Judicial Member Vinay Goel and Technical Member Charanjeet Singh Gulati held that the merger scheme appeared fair and reasonable, not violative of law or contrary to public policy.The Tribunal said,"From the material on record, the Scheme of...