COMPANY LAW
Centre Can Authorise Officers Other Than SFIO Director To File Companies Act Fraud Complaints: Supreme Court
The Supreme Court has recently clarified that the Centre can authorise any Central Government officer, in addition to the Director of the Serious Fraud Investigation Office (SFIO), to institute a complaint under the second proviso to Section 212(6) of the Companies Act. The clarification came while dismissing the Centre's review petition against the Court's January 9 judgment. In that judgment, the Court held that an offence under Section 448 of the Companies Act is an offence “covered under...
NCLT Bengaluru Approves India1 Payments' Share Capital Reduction To Facilitate ₹69.99 Cr. Investor Exit
The National Company Law Tribunal at Bengaluru has approved the reduction of share capital of India1 Payments Limited, involving cancellation of 45,16,129 equity shares held by IDBI Trusteeship Company Limited, trustee for India Advantage Fund S3 I, for an aggregate consideration of ₹69.99 crores. A coram of Judicial Member Sunil Kumar Aggarwal and Technical Member Radhakrishna Sreepada passed the order. The Bench held:“In the circumstances, it is hereby ordered that the reduction of share...
NCLT Mumbai Approves Second Motion For Composite Scheme Of Parle Products Demerger, Parle Biscuits Merger
On 23 September, the National Company Law Tribunal (NCLT), Mumbai sanctioned a Composite Scheme of Arrangement involving the demerger of specified undertakings and amalgamation of Parle Products Private Limited with Parle Biscuits Private Limited, finding the scheme fair and reasonable and not contrary to law or public policy. A Bench comprising Technical Member Prabhat Kumar and Judicial Member Sushil Mahadeorao Kochey approved the second motion petition involving Parle Products, Parle Brands...
Allahabad NCLT Approves First Motion For Roto Energy Systems-Roto Pumps Merger, Dispenses With Meetings
The Allahabad Bench of the National Company Law Tribunal (NCLT) on 15 September approved the First Motion application for the merger of Roto Energy Systems Ltd. with its parent company, Roto Pumps Ltd., under the Companies Act, 2013. A Bench comprising Judicial Member Praveen Gupta and Technical Member Ashish Verma dispensed with the meetings of shareholders and creditors of both companies, noting the consents and submissions placed on record. It permitted the companies to proceed with the...
NCLT Chennai Approves First Motion In Niyogin Fintech, Niyogin Finserv Composite Scheme
The National Company Law Tribunal at Chennai has allowed the first motion application filed by Niyogin Fintech Limited, Niyogin Finserv Limited and iServeU Technology Private Limited in relation to a proposed Composite Scheme of Arrangement. The shares of Niyogin Fintech Limited are listed on the Bombay Stock Exchange. A coram of Judicial Member Sanjiv Jain and Technical Member Venkataraman Subramaniam passed the order. The companies submitted that the Scheme proposes to demerge Niyogin...
Byju's Settles Rights Issue Dispute With Aakash Before NCLT Bengaluru
The National Company Law Tribunal (NCLT) at Bengaluru was on Wednesday informed that Think & Learn Private Limited, the parent company of Byju's, and Aakash Educational Services Limited have reached a settlement in their dispute over Aakash's rights issue. Senior Advocate Abhinav Vasisht, appearing for the Resolution Professional of Think & Learn, and Senior Advocate C.K. Nandakumar, representing Aakash, informed the Tribunal about the settlement. The submission was made before...
NCLT Chennai Sanctions Amalgamation Of Augmento Labs With Saksoft Limited
The National Company Law Tribunal at Chennai has sanctioned the Scheme of Amalgamation between Augmento Labs Private Limited and Saksoft Limited, whose shares are listed on the National Stock Exchange and the Bombay Stock Exchange. The order was passed by Judicial Member Sanjiv Jain and Technical Member Venkataraman Subramaniam. Augmento Labs is a wholly owned subsidiary of Saksoft. The companies had filed the first motion petition and the Tribunal vide order dated November 27, 2025 dispensed...
Supreme Court Issues Notice On Plea Against NCLAT Ruling On NCLT Power To Order EGM
The Supreme Court on Tuesday issued notice on a plea challenging the National Company Law Appellate Tribunal's August 17, 2026 order.The NCLAT held that the NCLT cannot direct the convening of an Extraordinary General Meeting under Section 98 of the Companies Act, 2013, unless the applicant establishes that holding the meeting without the Tribunal's intervention has become impracticable.A Division Bench of Justices K.V. Viswanathan and Arun Palli issued notice on the plea and posted the...
NCLAT Cuts ₹10 Lakh Cost Imposed For Company's Statutory Defaults To ₹5 Lakhs, Holds It Disproportionate
The National Company Law Appellate Tribunal (NCLAT) at Delhi has cut from ₹10 lakh to ₹5 lakh the cost imposed on a company while restoring its name to the Register of Companies. It held that the higher amount was disproportionate and was not supported by any determination of the actual costs incurred in the appeal or application.The bench of Judicial Member Justice Sharad Kumar Sharma and Technical members Indevar Pandey and Arun Baroka, observed that there was no computation showing how the...
Conversion of IBC Appeal Into Companies Act Appeal Does Not Save Limitation: NCLAT
The National Company Law Appellate Tribunal (NCLAT) at Delhi has recently held that an appeal filed under the insolvency law does not provide continuity for limitation when it is transformed into an appeal under the company law.The tribunal was dealing with an appeal initially filed under Section 61 of the Insolvency and Bankruptcy Code (IBC), which provides for appeals against orders in insolvency proceedings. The appellant later sought to convert it into an appeal under Section 421 of the...
NCLAT Delhi Says Counsel's Personal Difficulties Cannot Explain Appellant's 202-Day Refiling Delay
On 18 September, the National Company Law Appellate Tribunal (NCLAT) at New Delhi held that an appellant cannot rely on the personal difficulties of his counsel to explain his own failure to rectify Registry defects and seek condonation of a 202-day delay in refiling an appeal. A Bench of Judicial Member Justice Sharad Kumar Sharma with Technical Members Arun Baroka and Indevar Pandey dismissed an appeal filed by Rajendra Devidas Puranik against the Mumbai Bench of the National Company Law...
Calcutta High Court Stays SFIO Probe Into Alleged Misuse Of HNGIL Exempted Employees' Provident Fund Trust
The Calcutta High Court on Wednesday stayed a Serious Fraud Investigation Office (SFIO) investigation into alleged financial irregularities involving funds of an exempted provident fund Trust operated by Hindusthan National Glass and Industries Limited (HNGIL) for its employees.A Division Bench of Justices Debangsu Basak and Aryak Dutt modified the August 3, 2026, order of the Single Judge. The order had extended an ex parte ad interim injunction and continued the direction for an SFIO...