Corporates will not be allowed to withdraw open offers even if it becomes economically unviable; SC [Read Judgment]

The Supreme Court has delivered the important judgment in Civil Appeal No. 6041 of 2013 in Securities and Exchange Board of India vs. M/s. Akshya Infrastructure Pvt. Ltd., settling the position regarding India Inc's responsibility to open offers. A Supreme Court Bench of Justices SS Nijjar and AK Sikri while dealing with the fundamental issue that whether an open offer voluntarily made through a Public Announcement for purchase of shares of the target company can be permitted to be...

Supreme Court contemplates to relax Rs 10000 crore-payment condition on Sahara chief Subrata Roy

A Supreme Court Bench of Justices K S Radhakrishnan and J S Khehar said they were pondering to relax the condition of paying rupees 10000 crore to enable Sahara Chief Subrata Roy to come out of jail. Sahara group however alleged that the detention order was pre-written and it was on March 4 that the judges simply pronounced it.Sahara counsel Rajiv Dhavan challenged the validity of the detention order and argued that the way in which the order was pronounced, it seemed as if the order was already...

Sahara has informed the Supreme Court that it can pay 2,500 Crore in instalments of 3 weeks

In a submission before the Supreme Court, Sahara Group has informed the Court that they can pay 2,500 Crore  as bail amount for the release of Subrata Roy in three weeks. The Supreme Court bench of Justice K.S. Radhakrishnan and Justice J.S. Khehar has suggested to file appropriate petition if Sahara wanted review  of bail amount for release of Subrata Roy..In response to the Contempt of Court allegation put forth by Securities Exchange Board of India (SEBI), the Court observed that it will deal...

National Law School of India University, Bangalore announces Master of Public Policy course.

Overview of Master of Public Policy (MPP) CoursePublic sector in India, recently, has witnessed expansion of a wide range of services such as National Rural Employment Guarantee Act, Right to Food, Right to Information, Forest Rights, National Rural Livelihood Mission, Right to education, National Rural Health Mission, Rashtriya Swasthya Bhima Yojana and others. Interestingly, these initiatives have been legitimized and supported by legal framework. While they have brought some changes, there...

SC declines Sahara chief's plea to release him from detention

Sahara group chief Subrata Roy will stay in Tihar jail for some more time as the Supreme Court on Thursday declined his plea for release on a personal bond with an assurance that he will not leave the country.A Bench comprised of Justice K.S. Radhakrishnan and Justice J.S. Khehar reiterated their earlier order as they asked senior counsel Ram Jethmalani if there was any proposal by the Sahara chief to deposit the balance of Rs. 19,000 crore to SEBI for resumption of investors money.When Mr....

Apex Court to hear Subrata Roy’s petition challenging his detention in judicial custody on Thursday

The Supreme Court will hear the plea by Sahara group chief Subrata Roy challenging the court's March 4 order sending him to judicial custody, which he described as illegal, on Thursday.The Bench comprised of Justice K.S. Radhakrishnan and Justice Jagdish Singh Khehar said they would hear the matter on Thursday as they have to go through the pleadings.Seeking his release forthwith, Roy in his plea sought the setting aside of the March 4 order saying it was illegal.As the hearing commenced,...

Madras HC dismisses petition seeking CBI probe against Anil Ambani

The Madras High Court yesterday, dismissed a petition seeking direction to the CBI to register a case against Anil Ambani and others in connection with an alleged "large scale financial scam".Dismissing the petition, Justice R S Ramanathan of the Madurai bench of the Madras High Court said the complaint filed by A Kesavan, an advocate and an investor in Reliance Natural Resource Ltd (RNRL) against Ambani and some officials alleging the company had cheated the investors could not be accepted.The...

SC orders non-bailable warrant against Subrata Roy

Sahara chief Subrata Roy has been issued a non baliable warrant for not to appear before the Supreme Court in the suit in which his two companies have been ordered to refund Rs 20,000 crore to investors."We had already declined yesterday Roy's plea seeking exemption from personal appearance. He has not appeared even today and we are issuing non bailable warrant returnable for March 4," voiced a bench comprising justices K S Radhakrishnan and J S Khehar.At the outset when senior...

Sahara chief Subrata Roy, other directors to appear in court on February 26 as per Supreme Court orders

A Supreme Court bench of justices K S Radhakrishnan and J S Kheharshowing dissatisfaction on the Sahara group for not repaying rupees 20,000 crore of investors money despite its order, besides permitting SEBI to go ahead with the sale of companies’ properties, summoned its chief Subrata Roy to be personally present before it.The apex court also directed Ravi Shankar Dubey, Ashok Roy Choudhary and Vandana Bhargava, directors of its firms, Sahara India Real Estate Corp Ltd (SIREC) and Sahara India...

No use of word National, Bank & stock exchange in the names of Companies/LLPs

Taking a note of the instances where private entities are using the word 'National' in names while setting up companies or LLPs, the Corporate Affairs Ministry has come up with a latest move by stating that companies and limited liability partnership firms floated by private entities should not use the word 'National' in their names. Likewise, the Ministry has said only after no-objection certificates are received from concerned sectoral regulators, that words such as 'Bank', 'Stock Exchange'...