'Company Cannot Fund Director's Bail Under Companies Act': Supreme Court Cancels BIIPL Director's Bail

The Supreme Court on Thursday held that a company cannot grant a loan to its director without special resolution of shareholders and where it is not for its business purposes and cancelled the bail of Satinder Singh Bhasin after finding that the Rs. 50 crore deposit was arranged using company funds in violation of the Companies Act. Bhasin, director of Bhasin Infotech and Infrastructure Pvt Ltd (BIIPL), had been granted bail on November 6, 2019 in connection with multiple FIRs arising out of...

Supreme Court Grants Pre-Arrest Bail To SRS Finance Director Ankit Sachdeva In Fraud Case, Issues Notice To SFIO

The Supreme Court on Thursday issued notice and made an order for pre-arrest bail to Ankit Sachdeva, a director of SRS Finance Ltd., whose anticipatory bail plea had earlier been dismissed by the Punjab & Haryana High Court by order dated March 4, 2024, which found prima facie involvement in a large-scale financial fraud.Sachdeva's petition before the top court challenges the High Court's refusal to grant anticipatory bail. A Bench of Justices Vikram Nath and Sandeep Mehta while...

Companies Act Does Not Mandate Valuation Report For Share Capital Reduction: Supreme Court

The Supreme Court on Tuesday dismissed appeals filed by minority shareholders challenging a reduction of share capital undertaken by Bharti Telecom Ltd, holding that the Companies Act does not require a valuation report from a registered valuer for such a process.A bench of Justices Sanjay Kumar and K. Vinod Chandran said that reduction of share capital under Section 66 can be effected through a “special resolution” passed by shareholders and confirmation by the National Company Law...

Supreme Court Refuses To Interfere With Bharti Telecom Scheme To Cancel 2.84 Crore Shares Held By Minority Shareholders

The Supreme Court on Tuesday declined to interfere with a scheme by Bharti Telecom Ltd., the promoter holding company of Bharti Airtel, to cancel 2.84 crore shares held by minority shareholders through a reduction of share capital.Dismissing appeals filed by minority shareholders, a bench of Justices Sanjay Kumar and K. Vinod Chandran refused to interfere with an April 3, 2025 judgment of the National Company Law Appellate Tribunal (NCLAT), which had upheld the approval of the scheme by the...

Supreme Court Refuses To Interfere With ₹1,950 Crore NSEL Settlement For Traders Hit By 2013 Default

The Supreme Court on Monday refused to interfere with the approval of a Rs 1,950-crore settlement scheme for traders affected by the 2013 default at National Spot Exchange Ltd (NSEL), dismissing an appeal challenging orders of the NCLT and the NCLAT that had cleared the plan.A bench of Justices Pamidighantam Sri Narasimha and Alok Aradhe declined to interfere with the NCLAT's January 15, 2026 decision upholding the NCLT Mumbai's November 28, 2025 order approving the scheme of arrangement...

Supreme Court Makes Absolute Interim Protection To Deepak Garg In Rs 1596 Crore SRS Fraud Case

The Supreme Court on Thursday made absolute the interim protection it had earlier granted to Deepak Garg, a Director of SRS Finance Ltd and SRS Shining Ornaments Ltd, during the pendency of his special leave petitions challenging the Punjab and Haryana High Court's refusal of anticipatory bail in the alleged Rs 1,596 crore SRS Group financial fraud case. A Bench of Justices Vikram Nath and Sandeep Mehta said, “Taking into consideration the facts and circumstances of the case and upon hearing...

Aakash Undertakes Before Supreme Court To Secure Byju's Parent's 25.75% Stake In Aakash Pending Rights Issue Dispute

The Supreme Court on Tuesday disposed of an appeal filed by Think & Learn Pvt Ltd, the parent company of Byju's, after recording a statement on behalf of Aakash Educational Services Ltd that 25.75% of stake in Aakash shall remain secured till the disposal of a pending interlocutory application before the National Company Law Appellate Tribunal (NCLAT), Chennai. The top court also granted Think & Learn one more week's time till next Monday to subscribe to the second tranche of Aakash's...

Byju's Parent Moves Supreme Court To Stall Second Tranche Of Aakash ₹240 Crore Rights Issue

Think & Learn Pvt. Ltd., which owns edtech major Byju's, has moved the Supreme Court against a National Company Law Appellate Tribunal (NCLAT) order that allowed Aakash Educational Services Ltd. to proceed with the second tranche of its Rs. 240 crore rights issue. The NCLAT permitted Think & Learn to apply for shares up to its original 25.75% entitlement. It also restrained Aakash from taking up any matter requiring a special resolution until the dispute is decided. A bench of Justices...

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...

Special Court Cannot Hear Private Complaints In Companies Act Fraud Cases; Only SFIO Can File: Supreme Court

The Supreme Court on Friday held that a special court cannot entertain a private complaint in cases involving fraud under the Companies Act. It ruled that where an offence attracts punishment under the fraud provision, cognisance can be taken only on a complaint filed by the Serious Fraud Investigation Office or an authorised officer of the Central government. A Division Bench of Justice J K Maheshwari and Justice K Vinod Chandran held that offences under Section 448 of the Companies Act, which...