News Updates
ITAT Delhi Quashes Reassessment Against Lalit Modi Over Credit Card, Private Jet Expenses
The Delhi Bench of the Income Tax Appellate Tribunal (ITAT) has quashed reassessment proceedings initiated against former IPL commissioner Lalit Kumar Modi over alleged unexplained credit card expenditure and private jet costs. The tribunal held that reassessment cannot be initiated while regular scrutiny assessment proceedings are still pending.A bench of Judicial Member Vikas Awasthy and Accountant Member Brajesh Kumar Singh held that the reassessment was without jurisdiction. It observed that...
Kerala High Court Holds ATM Fraud Losses Not Covered Under New India Assurance Policy, Dismisses Federal Bank Suit
The Kerala High Court has recently held that losses caused by fraudulent use of ATMs were excluded under the Banker's Indemnity Policy issued by New India Assurance Co. Ltd. to Federal Bank, setting aside a trial court decree that had directed the insurer to indemnify the bank.A Division Bench of Justice Sathish Ninan and Justice P. Krishna Kumar allowed the appeal filed by the insurance company and dismissed the bank's suit seeking indemnification under the policy. Federal Bank had filed a...
SEBI Introduces Voluntary Debit Freeze Facility For Mutual Fund Folios
The Securities and Exchange Board of India has introduced a voluntary lock-in / debit freeze facility for mutual fund folios across demat and non-demat folios.As per the circular, the facility will enable investors to freeze debit transactions in their mutual fund folios. According to SEBI, this will ensure that no units are debited from the folio until the investor unlocks it.In the first phase, the facility will be made available through the inter-operable Registrar and Transfer Agents (RTA)...
Delhi Court Orders Akasa Air Operator to Pay ₹1.08 Crore To Travel Agency Over Cancellation Of 2023–24 Festive Bookings
The Commercial Court at Saket, New Delhi, has decreed a suit filed by Delhi-based ABS Tour & Travels against SNV Aviation Pvt. Ltd., which operates Akasa Air, holding that the unilateral cancellation of bulk bookings for the Christmas–New Year 2023–24 travel period amounted to breach of contract. Presiding Officer Lalit Kumar held that the cancellation deprived the agency of a real and foreseeable commercial opportunity to earn profits during the peak festive season and awarded Rs...
Finance Ministry Allows CIBIL To Use Aadhaar Authentication For User Identity Verification
The Ministry of Finance on Wednesday notified that TransUnion CIBIL Limited may use Aadhaar authentication to establish the identity of users during registration and login on the CIBIL platform for accessing credit information reports, subject to the user's consent and on a voluntary basis. The notification states that TransUnion CIBIL Limited “may be allowed to perform authentication and be permitted the use of Aadhaar number during authentication for establishing identity of Aadhaar number...
Forcing Company Secretary To Continue In Service After Resignation Is 'Bonded Labour': Kerala High Court
The Kerala High Court has recently observed that financial issues or financial emergency cannot be a reason to force a Company Secretary to work for an incorporated Company against his will and without his consent. The court further observed that if the employer refuses to accept resignation of an employee, it would amount to bonded labour prohibited under Article 23 of the Constitution of India. Justice N Nagaresh allowed writ petitions filed by Greevas Job Panakkal, Company Secretary of...
Delhi Court Orders Takedown Of YouTube Shorts Infringing Karl Rock's Copyright
A Delhi Commercial Court has recently granted an ex parte ad interim injunction restraining UK-based YouTuber Adam El-Megrisi, who operates the channel “VidBrew”, from reproducing or monetising content belonging to Karl Edward Rice, also known as Karl Rock, in a copyright infringement and passing off suit. District Judge Vinod Yadav held that a prima facie case of infringement of copyrighted works and passing off was made out against El-Megrisi. “In view of the above discussion, this Court is...
GSTN Activates Withdrawal Facility For Small Taxpayers To Opt Out Of Simplified Registration Option
As of 21 February 2026, the Goods and Services Tax Network (GSTN) has activated the facility to file Form GST REG-32 for taxpayers who wish to opt out of registration under Rule 14A of the Central Goods and Services Tax (CGST) Rules.To mitigate compliance burdens, as part of the 'Next Generation GST Reforms', a Simplified GST Registration Scheme for Small and Low-Risk Businesses under Rule 14A was introduced in 2025.Rule 14A provides a simplified registration option for small and low-risk...
United Breweries Secures Trade Mark Registration For Kingfisher Sound Mark “Oo La La La La Le O”
United Breweries Limited has secured a registration for the sound trade mark associated with its Kingfisher brand, with the Trade Marks Registry issuing a certificate of registration for the jingle popularly rendered as “Oo La La La La Le O” under the Trade Marks Act, 1999. The registration, granted by the Trade Marks Registry, Mumbai, confers statutory exclusive rights on United Breweries Limited over the auditory brand asset, which has been extensively deployed in advertising and brand...
NCLT President Submits Enquiry Report After NCLAT Calls Chennai Bench Order “Rather Dubious”
Outgoing NCLT President Chief Justice (Retd.) Ramalingam Sudhakar has firmly rejected allegations of impropriety against the Chennai Bench, stating that “no material has emerged suggesting any impropriety, bias or departure from judicial discipline.” The report was submitted pursuant to an enquiry ordered by the National Company Law Appellate Tribunal in an appeal filed by Asset Reconstruction Company (India) Limited in the insolvency proceedings of Regen Powertech Private Limited. While...