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Diversion Of Preferential Issue Funds For Undisclosed Purpose Amounts To Fraud Under PFUTP Regulations: Supreme Court
The Supreme Court on Tuesday held that diversion of funds raised through a preferential issue for purposes not disclosed in the notice of the Extraordinary General Meeting (EoGM) convened to approve the allotment amounts to a violation of securities law and constitutes fraudulent conduct under the SEBI (Prohibition of Fraudulent and Unfair Trade Practices) Regulations (PFUTP). A bench of Justices J.B. Pardiwala and K.V. Viswanathan made the ruling while allowing appeals filed by the Securities...
Writ Petition Against GST Show Cause Notice Not Maintainable: Supreme Court
The Supreme Court on 27 February dismissed a Special Leave Petition filed by Trillion Lead Factory Pvt. Ltd., which challenged the Telangana High Court's refusal to interfere with a show cause notice proposing cancellation of its GST registration. A Division Bench comprising Justice Aravind Kumar and Justice Prasanna B. Varale held: “It is trite law that no writ lies against the issuance of a show cause notice, and such a writ petition would not be maintainable.” The case arose from a show...
LiveLawBiz: Corporate Legal News Daily Round-Up: March 17, 2026
IBC Validity Of Telangana VAT Attachment Pending In HC Cannot Be Decided In CIRP: NCLT HyderabadPF Dues Cannot Be Quantified During Moratorium: NCLT Jaipur Rejects EPFO Claim In NDA Metaoxides CIRPClaim At Fag End Of Liquidation Not Allowed: NCLT Kochi Rejects EPFO Plea In Trivandrum International CIRPPersonal Guarantor Insolvency Pleas Governed By 3-Year Limitation Under Limitation Act: NCLT MumbaiAmaravati NCLT Holds Recovery Certificate Triggers Fresh Cause Of ActionAhmedabad NCLT Admits...
"Urgent And Alarming Need": Delhi HC Calls For CPC, IT Rules Reform To Address Tech-Era Enforcement Issues In Trademark Infringement
The Delhi High Court on Tuesday observed that there is an “urgent and alarming need” to amend the Code of Civil Procedure and the IT Rules to deal with evolving online infringement, while refusing to grant a post-decree dynamic injunction in a trademark dispute involving Mahindra & Mahindra Ltd., holding that courts cannot go beyond the statutory framework even where digital violations continue after judgment. “There is an urgent and alarming need for the Central Government and the...
Bank Cannot Remit Funds Contrary To Customer Mandate: Supreme Court Upholds Madras HC Ruling Against Canara Bank
The Supreme Court on Tuesday held that Canara Bank could not unilaterally divert funds contrary to the instructions of its customer while deciding a dispute arising from a remittance transaction involving Archean Industries Pvt Ltd, Canara Bank Overseas Branch, and Goltens Dubai. A Bench of Justices J.B. Pardiwala and R. Mahadevan was hearing cross appeals arising from a judgment of the Madras High Court dated August 16, 2021. Holding that Canara Bank could not have remitted the amount to the...
Supreme Court Refuses To Interfere With Bombay High Court Order Dismissing Plea Against WeWork India IPO
The Supreme Court recently refused to interfere with the Bombay High Court's decision dismissing a challenge to the Initial Public Offering (IPO) of WeWork India Management Pvt Ltd.A Bench comprising Justice Pamidighantam Sri Narasimha and Justice Alok Aradhe dismissed a Special Leave Petition filed by Hemant Kulshrestha, who had alleged deficiencies in disclosures in the offer documents relating to WeWork India IPO.The petition arose from a judgment dated 1 December 2025 of the Bombay High...
Supreme Court Allows Zoomcar To File GST Appeal After Rajasthan HC Disposed Its Writ Without Granting Liberty
The Supreme Court has recently permitted Zoomcar India Pvt. Ltd., a car-sharing platform, to file a statutory appeal against GST assessment orders arising from proceedings for the financial year 2019–20, after the Rajasthan High Court disposed of its writ petitions without granting liberty to pursue the appellate remedy. A bench comprising Justice J.B. Pardiwala and Justice K.V. Viswanathan was dealing with special leave petitions challenging the Rajasthan High Court's orders, which had...
Shareholder Ratification Cannot Wipe Out Liability For Violation Of SEBI Regulations: Supreme Court
The Supreme Court on Tuesday observed that violations of SEBI regulations cannot be nullified through shareholder ratification, observing that regulatory breaches affecting multiple stakeholders must face statutory consequences.A bench of Justices J.B. Pardiwala and K.V. Viswanathan while setting aside the order dated June 2, 2022 passed by the Securities Appellate Tribunal, which had set aside penalties imposed by SEBI on Terrascope Ventures Ltd and its directors.“SEBI's Regulations...
LiveLawBiz: Corporate Legal News Daily Round-Up: March 16, 2026
IBC Third Parties Entitled To Certified Copies Of NCLT Orders To File Appeals: NCLAT ChennaiCoC Has Exclusive Power To Fix Resolution Professional Fees, NCLT Can Interfere Only If Fee Not Proposed: NCLATNCLT Chandigarh Admits Paytm Insolvency Plea Against Eyemyeye Over ₹3 Crore Ads' DuesIBC Applies To Multi-State Cooperative Societies Despite MSCS Act Excluding Companies Act: NCLATPart Payment By Third Party Does Not Discharge Corporate Debtor's Liability Under IBC: NCLT CuttackIPR Madras High...
LiveLawBiz Indirect Tax Weekly Round-Up: March 09 - March 15, 2026
SUPREME COURTFox Mandal & Company Takes ₹3.9 Crore Service Tax Dispute To Supreme CourtCase Title : Fox Mandal And Company vs Commissioner Case Number : Diary No. 3350 of 2026Fox Mandal & Company has moved the Supreme Court against a CESTAT order in a service tax case involving demands of about ₹3.9 crore against the law firm. A bench of Justices Pamidighantam Sri Narasimha and Alok Aradhe will hear the special leave petition on April 6 after the petitioner's counsel sought time to...
Supreme Court Upholds Quashing Of Income Tax Reassessment Against BPCL Over ₹37.10 Crore Dividend Income
The Supreme Court on Monday refused to interfere with the Bombay High Court's order quashing income tax reassessment proceedings initiated against Bharat Petroleum Corporation Ltd. (BPCL) for AY 2013-14 in relation to Rs 37.10 crore dividend income received through a trust structure.A bench of Justices Pamidighantam Sri Narasimha and Alok Aradhe dismissed the Special Leave Petition, after being informed by the counsels that a previous matter on the same subject was dismissed by the supreme...