Supreme Court Directs FanMade11, 9Stacks To Pursue GST Appeal Instead Of Writ Petitions

The Supreme Court has disposed of writ petitions filed by two online gaming companies, FanMade11 Fantasy Sports Private Limited and 9Stacks, challenging GST proceedings against them. A bench of Justice J.B. Pardiwala and Justice K. Vinod Chandran heard both pleas. The court directed both companies to pursue the statutory remedies available under the GST law instead of invoking its writ jurisdiction. In the matter involving 9Stacks, the court held that since a final assessment order had...

High Courts Should Exercise Caution Before Invoking Article 227 In Ongoing Arbitration: Supreme Court

The Supreme Court on Tuesday ruled that High Courts should exercise "extreme circumspection" before using their supervisory powers to interfere with ongoing arbitral proceedings. It held that orders rejecting jurisdictional objections during arbitration are ordinarily challengeable only after the final arbitral award. A bench of Justice K.V. Viswanathan and Justice Vijay Bishnoi observed that the constitutional power of High Courts cannot be taken away. At the same time, it observed that the...

Future Group GST Case: Supreme Court Questions Bombay HC's Power To Grant Sunil Biyani 7-Day Protection From Arrest

The Supreme Court on Wednesday reserved its decision on the Union of India's appeal questioning whether the Bombay High Court could grant Future Group non-executive director Sunil Biyani one week's protection from arrest after holding that his anticipatory bail plea was premature. The High Court had directed that if GST authorities subsequently authorise Biyani's arrest in an alleged ₹1,200 crore GST fraud probe, he should not be arrested for one week from the date the arrest order is...

Supreme Court To Hear On Friday Plea Seeking Recall Of Order Referring Jindal Poly Films Dispute To Arbitration

The Supreme Court on Wednesday agreed to hear on Friday a plea filed by a group of 29 minority shareholders seeking recall of its order referring the Jindal Poly Films Ltd. class action dispute to arbitration. The shareholders contend that India's first corporate class action under Section 245 of the Companies Act could not have been referred to arbitration without hearing the other shareholders represented in the proceedings. A bench of Chief Justice Surya Kant, Justice Joymalya Bagchi and...

Supreme Court Upholds Inclusion Of Royalty, DMF, NMET In Average Sale Price For Determining Iron Ore Royalty

The Supreme Court on Monday upheld the constitutional validity of rules requiring royalty, District Mineral Foundation (DMF) and National Mineral Exploration Trust (NMET) payments to be included in the sale value while computing the Average Sale Price (ASP) for iron ore. Dismissing a batch of petitions led by Kirloskar Ferrous Industries Ltd, the court held that the methodology is a valid measure to check evasion and does not violate the Constitution. A bench of Justices J.B. Pardiwala and...

Market Integrity Prevails Over Investor Gains; Profits Can't Excuse Regulatory Breach: Supreme Court

The Supreme Court on Monday held that market integrity and regulatory compliance cannot be compromised merely because investors ultimately earned profits. It ruled that a regulatory breach cannot be excused simply because investors suffered no loss. A bench of Justices Dipankar Datta and Satish Chandra Sharma dismissed appeals filed by Kotak Mahindra Asset Management Company (Kotak AMC), Kotak Mahindra Trustee Company Ltd. and their senior executives. The appeals challenged SEBI's action over...

Supreme Court Upholds Karnataka's Retrospective Withdrawal Of Sales Tax Exemption For Imported Sugar

The court, however, held that no penalty could be imposed on dealers for pre-amendment transactions, while interest could be levied only from the date of a lawful demand following reassessment.

Supreme Court Appoints Justice L. Nageswara Rao To Mediate Kalyani Family Dispute

The Supreme Court on Monday appointed former Supreme Court judge Justice L. Nageswara Rao to explore the possibility of an amicable settlement in the long-running property dispute between industrialist Babasaheb Neelkanth Kalyani and his sister Sugandha Hiremath. It also directed that proceedings on Babasaheb Kalyani's application seeking rejection of the suit before the Bombay High Court shall remain deferred until the mediation process concludes. The order comes over two months after the...

Supreme Court Seeks Reply On SEBI's Appeal Against SAT Ruling In Bombay Dyeing-SCAL Services Case

The Supreme Court on Monday observed that the Securities Appellate Tribunal's 2:1 verdict setting aside SEBI's orders against Bombay Dyeing and SCAL Services shall not operate as a precedent in similar matters before the Tribunal, while hearing an appeal filed by the Securities and Exchange Board of India (SEBI).The majority judgment had, among other things, held that the Companies Act would prevail over the Accounting Standards in determining whether SCAL was an associate company, and...

Commercial Litigants Cannot Produce Additional Documents In Piecemeal Manner: Supreme Court

The Supreme Court on Thursday ruled that parties to commercial disputes cannot repeatedly seek to place additional documents on record after leading evidence, ruling that such an approach is incompatible with the purpose of ensuring the speedy resolution of commercial disputes. "The plaintiff when leading evidence, is expected to not only produce all documents but also properly anticipate the questions that may be put to its witnesses by the other side. What cannot be countenanced is a stop and...

RBI's Bank Amalgamation Scheme Doesn't Override Landlord's Rights Under Delhi Rent Control Act: Supreme Court

The Supreme Court on Thursday held that a banking amalgamation carried out under a Reserve Bank of India scheme does not take away a landlord's right to seek eviction under the Delhi Rent Control Act where tenancy rights vest in another entity without the landlord's written consent. A bench of Justices Sanjay Karol and Nongmeikapam Kotiswar Singh held that the amalgamation of Hindustan Commercial Bank with Punjab National Bank did not prevent eviction after the tenancy rights vested in Punjab...

Supreme Court Sets Aside Delhi HC Ruling That PNB-HCB Bank Merger Did Not Amount To Unlawful Subletting

The Supreme Court on Thursday allowed the appeal filed by British Motor Car Company (1934) Ltd against the Delhi High Court's judgment which had held that the statutory amalgamation of Hindustan Commercial Bank (HCB) with Punjab National Bank (PNB) did not amount to unlawful subletting under the Delhi Rent Control Act.The High Court had set aside the eviction order passed by the Rent Control Tribunal, holding that the transfer of tenancy rights to PNB pursuant to the statutory amalgamation of...