COMPANY LAW
NCLAT Delhi Rejects Plea To Restore 1.35 Lakh Sintex Shares, Says Sec.59 Companies Act Can't Revive Equity
The New Delhi Bench of the National Company Law Appellate Tribunal (NCLAT) on 21 August dismissed an appeal filed by Titus Babu challenging the cancellation of his 1,35,000 equity shares in Sintex Industries Limited (SIL), observing that an approved Resolution Plan extinguishes pre-existing equity shareholding and binds shareholders and members A Bench of Judicial Member Justice Mohd Faiz Alam Khan and Technical Member Naresh Salecha held that Section 59 of the Companies Act, 2013, which...
Delhi High Court Dismisses PIL Against IFCI's ₹440.93 Cr NSE Share Sale For Petitioner's Forum Shopping
On 19 August, the Delhi High Court dismissed a Public Interest Litigation (PIL) challenging IFCI Ltd's sale of shares in the National Stock Exchange of India Ltd (NSE), holding that the petitioner had suppressed an earlier proceeding before the Bombay High Court on the same issue. A Division Bench comprising Chief Justice Devendra Kumar Upadhyaya and Justice Tejas Karia held that the petitioner's suppression of the earlier proceeding disentitled him to relief and imposed exemplary costs of Rs....
Delhi High Court Dismisses Anil Biyani's Challenge To SFIO Probe, Says Mumbai Has Principal Nexus
The Delhi High Court on 25 August dismissed Future Group Director, Anil Laxminarayan Biyani's, challenge to the Ministry of Corporate Affairs' (MCA) order directing the Serious Fraud Investigation Office (SFIO) to investigate the affairs of Future Retail Ltd (FRL) and Future Consumer Retail Pvt Ltd (FCRPL). Justice Swarana Kanta Sharma held that the case had its principal and substantial nexus with Mumbai and not Delhi. Therefore, the Delhi High Court lacked territorial jurisdiction to hear it....
NCLT Chennai Approves Veranda Learning's Amalgamation-Demerger Scheme
The National Company Law Tribunal (NCLT), Chennai has approved the amalgamation of Veranda XL Learning Solutions Private Limited (VXLS) with Veranda Learning Solutions Limited (VLS) and the subsequent demerger of VLS's Commerce Education Business into J.K. Shah Commerce Education Limited (JSCEL).A Bench comprising Judicial Member Sanjiv Jain and Technical Member Venkataraman Subramaniam sanctioned a Composite Scheme of Arrangement, observing:“In the absence of any other objections having been...
NCLT Allahabad Directs Restoration Of ACDI VOCA's Name Wrongly Struck Off Under FTE Scheme
The Allahabad Bench of the National Company Law Tribunal (NCLT) has ordered restoration of ACDI VOCA Social Development Organisation's name to the Register of Companies after finding that it had been struck off under the Fast Track Exit (FTE) Scheme despite being a Section 25 company. A Section 25 company is a not-for-profit company formed for specified public-benefit purposes under the Companies Act, 1956.Judicial Member Praveen Gupta and Technical Member Ashish Verma held: “It is evident from...
NCLAT New Delhi Restores Status Quo Over Company Assets Pending Share Valuation And Buyback
The New Delhi National Company Law Appellate Tribunal (NCLAT) on 18 August directed that status quo be maintained in a family dispute over Rukshmani Syntex Pvt. Ltd. until valuation of the appellant's shares is completed. A Bench comprising Judicial Member Justice Sharad Kumar Sharma and Technical Member Indevar Pandey disposed of an appeal filed by Mehul Narayan Thakkar against an order of the Mumbai National Company Law Tribunal (NCLT) and directed the NCLT to appoint a valuer and obtain a...
Asset Sale Alone Can't Bar Financial Creditor From Seeking NCLT Transfer For Revival: Bombay High Court
The Bombay High Court on 20 August held that a financial creditor can seek transfer of winding up proceedings to the National Company Law Tribunal (NCLT) for revival under the Insolvency and Bankruptcy Code, 2016 (IBC), even where secured creditors have sold the company's assets outside the winding up proceedings, as such sale does not by itself make revival irreversible.A Division Bench of Justices A.S. Gadkari and Kamal Khata dismissed Omkara Assets Reconstruction Pvt Ltd's appeal against the...
NCLT Cannot Direct EGM Without Proof Of Impracticability; Requisitioning Member Has Absolute Right: NCLAT Chennai
The National Company Law Appellate Tribunal (NCLAT) at Chennai has set aside an order of the Kochi bench of thr National Company Law Tribunal (NCLT) which had directed convening of an Extraordinary General Meeting (EGM) under Section 98 of the Companies Act, 2013 holding that Section 98 jurisdiction is exceptional and can only be invoked upon proof of “impracticability” in convening a meeting, whereas requisitioning members already have an absolute right under Section 100(4) to convene an EGM...
Supreme Court Reserves Verdict On Plea By Minority Shareholders To Recall Order Referring Jindal Poly Films Class Action To Arbitration
The Supreme Court on Thursday reserved its verdict on a miscellaneous application filed by a group of 29 minority shareholders seeking recall of its June 8, 2026 order referring the Jindal Poly Films Ltd class action dispute to arbitration. The shareholders contended that the Court had not been informed that the proceedings before the NCLT had already acquired the character of a class action, with thousands of non-promoter minority shareholders becoming parties to the proceedings following...
NCLT Chennai Approves TVS Holdings Scheme For 46 Bonus Preference Shares Per Equity Share
The National Company Law Tribunal (NCLT) at Chennai on 18 August sanctioned a Scheme of Arrangement proposed by TVS Holdings Limited to issue 46 bonus preference shares to its equity shareholders for every one equity share held by them. A Bench comprising Judicial Member Sanjiv Jain and Technical Member Venkataraman Subramaniam approved the Scheme, observing that it appeared to be beneficial to the shareholders and would not be detrimental to their interests. It held: “...this Tribunal is of...
NCLT Bengaluru Approves Merger Of Aureustech Systems With Happiest Minds Technologies
On 10 August, the National Company Law Tribunal (NCLT) at Bengaluru sanctioned the Scheme of Amalgamation between Aureustech Systems Private Limited and Happiest Minds Technologies Limited, with 1 April 2026 as the appointed date. A Bench comprising Judicial Member Sunil Kumar Aggarwal and Technical Member Radhakrishna Sreepada approved the Scheme. They observed: “The requisite undertakings have been furnished and certification completed. Perceptibly the concerned Statutory Authorities are...
Supreme Court To Examine If Winding-Up Petitions Transferred From HC To NCLT Must Meet IBC Threshold
The Supreme Court on Wednesday agreed to examine whether a winding-up petition filed before a High Court can be subjected to the ₹1 crore minimum default threshold under the Insolvency and Bankruptcy Code after being transferred to the National Company Law Tribunal. The case concerns winding-up proceedings instituted before the ₹1 crore threshold was introduced under the Code. The court will consider whether the threshold applicable when the proceedings were originally filed should continue...