RBI Mandates 3-Year Cooling-Off For Co-Operative Bank Directors After 10-Year Continuous Tenure

The Reserve Bank of India has introduced a mandatory three-year cooling-off period for directors of urban and rural co-operative banks after they complete 10 years of continuous tenure on the board of the same bank, seeking to prevent directors from briefly stepping down and returning to circumvent tenure limits. The amendment directions, issued on May 25 by Chief General Manager Scenta Joy, came into force with immediate effect. “In a few cases, directors have been found to be resorting to...

CCI Approves Tata International Singapore-Mercuria Joint Venture For Global Commodities Trading

The Competition Commission of India on Tuesday approved the proposed formation of a joint venture company between Mercuria Energy Netherlands B.V., a subsidiary of Mercuria Energy Group Limited, and Tata International Singapore (Pte) Ltd (TISPL).According to a press release issued by the Commission, the transaction involves Mercuria and TISPL entering into an agreement to establish a joint venture company in the Dubai International Financial Centre, United Arab Emirates, along with certain...

Centre Notifies Key IBC Amendment Provisions, Operationalises Creditor-Initiated Insolvency Resolution Process

The Centre has operationalised the new creditor-initiated insolvency resolution process (CIIRP), opening the door for specified financial creditors to directly trigger insolvency proceedings against eligible companies, after bringing key provisions of the Insolvency and Bankruptcy Code (Amendment) Act, 2026 into force from May 26. The notified provisions also reshape the liquidation framework, allow stalled insolvency resolution processes to be revived before a liquidation order is passed,...

Trademark Applications Filed For 'Cockroach Janta Party' As Satirical Movement Goes Viral

Two trademark applications have been filed for “Cockroach Janta Party,” the satirical political movement born out of viral remarks by the Chief Justice of India, before the Indian trademark registry. However, the applications were not filed by Abhijeet Dipke, the former social media strategist who launched the movement. The Cockroach Janta Party was launched on May 16 as a direct satirical response to remarks made a day earlier in the Supreme Court. The controversy traces back to May 15, 2026,...

MP Sudheer Gupta To Head Joint Parliamentary Committee On Corporate Laws (Amendment) Bill

Lok Sabha Speaker Om Birla on Monday constituted a 31-member Joint Parliamentary Committee to examine the Corporate Laws (Amendment) Bill, 2026, appointing BJP MP Sudheer Gupta as its chairperson. The committee comprises 21 members from Lok Sabha and 10 members from Rajya Sabha.The Bill was introduced in the Lok Sabha by Finance and Corporate Affairs Minister Nirmala Sitharaman on March 23, 2026 and was subsequently referred by the Speaker to the JPC for clause by clause examination, stakeholder...

Adani Enterprises To Pay $275 Million To Settle US Sanctions Probe Over Alleged Iranian LPG Imports

Adani Enterprises Limited (AEL) on Monday agreed to pay $275 million to settle potential civil liability with the United States Treasury Department's Office of Foreign Assets Control (OFAC) over apparent violations of Iran-related sanctions linked to imports of liquefied petroleum gas (LPG). According to OFAC, between November 2023 and June 2025, AEL purchased 35 cargoes of Iranian-origin LPG through a Dubai-based supplier that purported to supply Omani and Iraqi gas, while causing US financial...

RBI Appoints Gunveer Singh As Executive Director To Head Payment And Settlement Systems

The Reserve Bank of India (RBI) on Monday appointed Gunveer Singh as its new Executive Director, with responsibility for the Department of Payment and Settlement Systems. His appointment takes effect on May 18, 2026. Before his promotion, Singh was serving as Chief General Manager-in-Charge of the same department. He has more than three decades of experience at the RBI, having worked in payment and settlement systems, banking and non-banking supervision, risk monitoring, Government banking,...

Centre Restricts Import Of Certain Semi-Manufactured Silver Bars With Immediate Effect

The Central Government has tightened import rules for certain categories of silver bars, shifting them from the “Free” to the “Restricted” category with immediate effect, according to a notification issued by the Directorate General of Foreign Trade (DGFT) on May 16. The move affects semi-manufactured silver covered under Chapter 71 of the Indian Trade Classification (Harmonised System) 2022 import policy schedule, specifically ITC HS codes 71069221 and 71069229. The first category covers...

MCA Extends Tenure Of NCLAT Technical Members Barun Mitra, Naresh Salecha Till September 2026

The Ministry of Corporate Affairs has extended the tenure of NCLAT Technical Members Barun Mitra and Naresh Salecha. Their current term ends on May 16, and they will now continue until September 8, 2026, or until they attain the age of 67 years, whichever is earlier.The extension was notified through a gazette notification dated May 15 and takes effect on May 17. The two will continue on the same terms and conditions as their original appointment under the July 22, 2022 notification. Barun...

Delhi High Court Imposes ₹2 Lakh Cost On Dior, Dismisses 'Poison Pot' Trademark Suit

A Delhi district court has dismissed a trademark infringement suit filed by luxury French perfume house Parfums Christian Dior against Indian cosmetics maker Maja Health Care Division and two others over the 'Poison Pot' mark. The court held that Dior failed to establish its legal identity and proper authorisation to sue. It also failed to prove infringement and passing off on their merits. District Judge Anubhav Jain of Patiala House Courts delivered the judgment on May 12, nearly 14 years...

Adani Green Bribery Case: Gautam Adani and Sagar Adani Agree To Pay $18 Million To Settle US SEC Proceedings

Industrialists Gautam Adani and Sagar Adani have agreed to pay a total of $18 million in civil penalties to settle a securities fraud case brought by the United States Securities and Exchange Commission (SEC), arising from allegations of bribery and misleading disclosures linked to Adani Green Energy Ltd. and related securities offerings. Gautam Adani agreed to pay $6 million while Sagar Adani agreed to pay $12 million under consent filings submitted before the US District Court for the Eastern...

IBBI Amends Regulations To Appoint Its Nominee Directors On Insolvency Professional Agency Governing Boards

The Insolvency and Bankruptcy Board of India (IBBI) has amended its regulations to provide for appointment of its nominee director on the governing board of an insolvency professional agency (IPA), with the nominee enjoying the same status, rights, duties, powers and responsibilities as other directors. The change has been introduced through amendments to the Insolvency and Bankruptcy Board of India (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) Regulations, 2016. ...