LiveLawBiz: Corporate Legal News Daily Round-Up: June 10, 2026

PMLA 'Economic Decision, Not A Criminal Offence': Delhi HC Quashes FIR, ED Case Against NewsClick, Founder Over Foreign FundingDelhi High Court Denies Bail To Former Reliance Power CFO Ashok Kumar Pal In ₹68.20 Crore PMLA CaseTAX Bombay High Court Orders No Coercive Action Against Anil Ambani Pending Challenge To Black Money ActGST Registration Can Be Restored On Filing Pending Returns, Clearing Dues Under Rule 22(4): Gauhati HCKerala High Court Quashes GST Notice Issued For Multiple Assessment...

'Economic Decision, Not A Criminal Offence': Delhi HC Quashes FIR, ED Case Against NewsClick, Founder Over Foreign Funding

The Delhi High Court has recently quashed an FIR registered against digital media platform NewsClick and its founder, Prabir Purkayastha, along with the Enforcement Directorate's money laundering case, holding that the allegations failed to disclose offences of cheating or criminal breach of trust. Justice Neena Bansal Krishna observed that the basic ingredients of the offences were absent. The court held: "Even if all the allegations are accepted, no offence under 406 or 420 IPC is disclosed...

Delhi High Court Denies Bail To Former Reliance Power CFO Ashok Kumar Pal In ₹68.20 Crore PMLA Case

The Delhi High Court on Wednesday denied regular bail to Ashok Kumar Pal, former Chief Financial Officer of Reliance Power Ltd and authorised signatory of Reliance NU BESS Ltd. The case arises from the alleged submission of forged bank guarantees worth ₹68.20 crore for a Solar Energy Corporation of India (SECI) battery storage project. Justice Madhu Jain held that the material relied upon by the Enforcement Directorate, including statements, documents, and electronic communications, could not...

Plea In Delhi High Court Alleges NCLAT E-Filing Glitches Hampering Appeal Against CCI's Rapido Order

The Delhi High Court on Wednesday heard a petition alleging that repeated non-speaking defect notices issued by the National Company Law Appellate Tribunal (NCLAT) Registry and technical glitches in its e-filing portal were obstructing the petitioner's statutory right to pursue an appeal. The appeal,filed by Vedansh Pandey, challenges a Competition Commission of India (CCI) order that closed his complaint against Rapido over alleged permit violations in Uttarakhand.During the hearing,...

SARFAESI Auction Timelines Are Mandatory, Not Directory; Unjustified Deviation Vitiates Sale: Supreme Court

The Supreme Court on Tuesday set aside a SARFAESI auction sale of a mortgaged property after finding that the successful bidder paid the balance sale consideration five days after the deadline fixed for payment and that there was no written agreement extending the time. Holding that the lapse constituted a "material irregularity going to the root of the matter," the court quashed the sale. A bench of Justice Dipankar Datta and Justice Augustine George Masih observed that the auction purchaser...

Bombay High Court Orders No Coercive Action Against Anil Ambani Pending Challenge To Black Money Act

The Bombay High Court on Monday directed that no coercive action, including prosecution or penalty proceedings, be taken against industrialist Anil Ambani pending the final disposal of his writ petition challenging certain provisions of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015. Ambani has challenged certain provisions of the Act as being ultra vires the Constitution of India. A division bench of Justices B.P. Colabawalla and Firdosh P. Pooniwalla...

LiveLawBiz: Corporate Legal News Daily Round-Up: June 09, 2026

IBC Can Litigants Circumvent IBC Limitation By Filing Defective Appeals? Supreme Court's Answer Is A Resounding 'No'Kerala High Court Dismisses Writ Against NCLT New Delhi Insolvency Proceedings, Cites No JurisdictionNCLT Chandigarh Issues Notice To Gridlogic Games On PhonePe's ₹3.93 Crore Insolvency PleaFlipkart Faces Fresh Insolvency Plea Before NCLT Bengaluru Over ₹1.69 Crore Marketing Services DuesBombay HC Orders Release Of MPID-Attached Property After Approval Of Steel Company's Resolution...

Delhi High Court Orders Takedown Of Social Media Posts Alleging Amul Supplies Cow Meat

The Delhi High Court has ordered the takedown of social media posts claiming that Amul supplies cow meat, holding that the content was prima facie disparaging and appeared designed to provoke public sentiment against the dairy cooperative. Justice Jyoti Singh observed that the posts and videos demonstrated a deliberate attempt to associate the AMUL brand with cow meat and inflame public sentiment. “The narrative and the posts are prima facie disparaging and demonstrate a deliberate attempt to...

Bombay HC Denies Lilavati Trust Interim Relief in ₹1000 Crore Defamation Case Against HDFC Bank, CEO

The Bombay High Court on Tuesday refused interim relief to the Lilavati Kirtilal Mehta Trust and its trustee Prashant Mehta in their ₹1,000 crore defamation suit against HDFC Bank, its MD & CEO Sashidhar Jagdishan, and others.The court also imposed costs of ₹5 lakh on the trust and the trustee, payable to HDFC Bank within six weeks.The court held that the bank's impugned statements regarding outstanding dues and alleged vexatious litigation were prima facie supported by material on record...

Supreme Court Permits Sale Of ₹40 Crore ELITO Battery Inventory, Partly Modifies Exide Trade Dress Injunction

The Supreme Court has partly modified a Calcutta High Court injunction granted in favor of Exide Industries Ltd in its trade dress dispute with Amara Raja Energy and Mobility Ltd., allowing the sale of ELITO-branded batteries already lying with distributors, franchisees, and retailers. The injunction granted by a single judge bench had been upheld by a division bench of the Calcutta High Court on April 2, 2026. The Supreme Court also directed destruction of unused cartons bearing the impugned...

Can Litigants Circumvent IBC Limitation By Filing Defective Appeals? Supreme Court's Answer Is A Resounding 'No'

The Supreme Court has recently held that litigants cannot circumvent the Insolvency and Bankruptcy Code's strict limitation regime by filing defective appeals to save the limitation and curing defects later at their convenience. A bench of Justices Dipankar Datta and Satish Chandra Sharma posed the following question: “Can or should a litigant be permitted to circumvent the rigours of limitation by filing a defective appeal as a device to save limitation and, thereafter, to opt to cure the...

Supreme Court Declines To Interfere With SAT Order Clearing Biocon VP Of Insider Trading Charge

The Supreme Court has declined to interfere with a Securities Appellate Tribunal (SAT) ruling that exonerated Biocon Vice President Shreehas P. Tambe of insider trading allegations. The allegations arose from trades executed ahead of Biocon's proposed collaboration with Sandoz.Tambe, who was Biocon's Vice President at the time of the trades, is currently the Chief Executive Officer and Managing Director of BioconBy an order dated July 26, 2022, SAT partly allowed Tambe's appeal. It quashed the...