Explained: Five Defences Nirav Modi Raised In Bank of India Personal Guarantee Case And Why London Court Rejected Them

A court in London has held fugitive diamantaire Nirav Modi personally liable under a personal guarantee executed in favour of Bank of India. In doing so, it rejected five principal defenses raised by him and directed him to pay USD 4,105,189.34 together with contractual interest to the Bank. Deputy High Court Judge Simon Tinkler of the High Court of Justice, Business and Property Courts of England and Wales, delivered the judgment making Modi liable for over Rs 100 crore in personal guarntee...

Mumbai Court Sends Former RCFL CEO Devang Mody To CBI Custody In ₹7,623 Crore Bank Fraud Probe

A Special CBI Court in Mumbai on Tuesday remanded former Reliance Commercial Finance Ltd (RCFL) Chief Executive Officer and Director Devang Pravin Mody to CBI custody till June 25, 2026. The remand was granted in connection with the CBI's probe into an alleged ₹7,623 crore bank fraud involving Reliance ADA Group companies RCFL and Reliance Home Finance Ltd (RHFL). The case pertains to alleged irregularities in loans extended by a consortium of 31 banks and financial institutions to the group...

SEBI Proposes Common Advertisement Code For Regulated Entities, Invites Public Comments

The Securities and Exchange Board of India (SEBI) has issued a consultation paper proposing a Common Advertisement Code for specified SEBI-regulated entities. The objective is to create a uniform advertising framework across intermediaries and strengthen investor protection. The proposed framework would apply to entities including stock brokers, depository participants, investment advisers, research analysts, mutual funds, portfolio managers and online bond platform providers. SEBI noted that...

ED Closes FEMA Proceedings Against Apollo Hospitals After RBI Compounds Contraventions

The Enforcement Directorate (ED) on Wednesday said that adjudication proceedings under the Foreign Exchange Management Act (FEMA) against Apollo Hospitals Enterprises Limited have been terminated. This follows the Reserve Bank of India's (RBI) decision to compound the company's contraventions under the Act. The RBI passed the compounding order under Section 15 of FEMA after obtaining a "No Objection" from the ED, according to a press release issued by the agency on June 17, 2026. The...

CCI Rules Advance India Projects Limited Not Dominant in Gurugram Commercial Real Estate Market

The Competition Commission of India on Monday closed proceedings against real estate developer Advance India Projects Limited (AIPL), holding that the company does not prima facie appear to be dominant in the market for organised commercial real estate in Gurugram. The Commission therefore found that no case of abuse of dominant position was made out. A coram of Chairperson Ravneet Kaur and Members Anil Agrawal, Sweta Kakkad, and Deepak Anurag observed that AIPL had only seven projects...

GSTAT Committee Recommends Waiver Of Submitting Certified Copies With Appeals If Orders Are On GST Portal

The Committee constituted by the Goods and Services Tax Appellate Tribunal (GSTAT) has recommended that appellants should not be required to file certified copies of orders that are already uploaded on the common GST portal. The proposal forms part of a wider set of suggested changes to the GSTAT (Procedure) Rules, 2025. The recommendation was among several suggestions considered by the committee after examining representations received from trade bodies, bar associations, and industry...

US Court Strikes Down Trump's $100,000 H-1B Levy, Says It Was A Tax, Not Visa Fee

A federal court in Massachusetts has struck down President Donald Trump's $100,000 payment requirement for new H-1B visa petitions. The Court granted summary judgment to a coalition of 20 states led by California and vacated the federal policy implementing the measure. Judge Leo T. Sorokin of the US District Court for the District of Massachusetts held that the payment requirement functioned as a tax. The Court further held that the Executive lacked authority under the provisions relied upon by...

NCLT Issues Circular Mandating Filing Of Vakalatnama Or Memoranda Before Counsel Can Be Heard

On 5 June, the National Company Law Tribunal (NCLT) directed strict compliance with filing requirements relating to vakalatnamas and memoranda of appearance, holding that advocates, legal practitioners and authorised representatives cannot ordinarily appear before the Tribunal without proper authorisation on record. The Tribunal issued a circular directing Registrars across all Benches to ensure compliance and clarified that counsel who do not file a duly executed vakalatnama or memorandum of...

Registered Valuer Organisations Must Maintain ₹25 Lakh Paid-Up Capital Under Amended Rules

The Ministry of Corporate Affairs has amended the Companies (Registered Valuers and Valuation) Rules, 2017, introducing a minimum paid-up share capital requirement of ₹25 lakh for companies seeking recognition as Registered Valuer Organisations (RVOs). The change was brought in through a 2026 amendment to the rules notified on June 1. At the heart of the amendment is a revision to Rule 12(1)(i), which sets out the eligibility criteria for companies applying to be recognised as RVOs. Under the...

ED Probe Against Myntra Closed After RBI Compounds FEMA Contraventions

The Reserve Bank of India (RBI) has compounded alleged violations of the Foreign Exchange Management Act (FEMA) by fashion e-commerce company Myntra Designs Private Limited, bringing an Enforcement Directorate (ED) investigation against the company to an end. The ED said it had launched the probe based on credible information about two alleged FEMA contraventions. One related to delays in filing Annual Performance Reports (APRs) in respect of overseas investments worth ₹42.85 crore. The other...

FIIs, BIS Get Income Tax Exemption On Government Securities Under New Income Tax Ordinance

Foreign Institutional Investors (FIIs) and the Bank for International Settlements (BIS) will be exempt from income tax on interest earned from government securities and capital gains arising from their sale, exchange, or transfer under amendments introduced by the Centre through the Income-tax (Amendment) Ordinance, 2026. The ordinance, published in the Gazette on June 5, amends Schedule IV of the Income-tax Act, 2025 and is deemed to have come into force from April 1, 2026. The exemption is...

CBIC Directs Customs Formations Not To Link Entry Inward And Sail-Out Clearance With Vessel Boarding

The Central Board of Indirect Taxes and Customs (CBIC) has directed customs formations across the country not to link the grant of Entry Inward or Vessel Sail-out Clearance with the physical boarding of vessels by customs officers, noting that such practices cause avoidable delays in cargo operations at ports. In Circular No. 26/2026-Customs dated 15 May 2026, the Board noted that at certain ports customs officers grant Entry Inward only after they physically board vessels post-berthing, and...