'Company Cannot Fund Director's Bail Under Companies Act': Supreme Court Cancels BIIPL Director's Bail

The Supreme Court on Thursday held that a company cannot grant a loan to its director without special resolution of shareholders and where it is not for its business purposes and cancelled the bail of Satinder Singh Bhasin after finding that the Rs. 50 crore deposit was arranged using company funds in violation of the Companies Act. Bhasin, director of Bhasin Infotech and Infrastructure Pvt Ltd (BIIPL), had been granted bail on November 6, 2019 in connection with multiple FIRs arising out of...

Supreme Court Dismisses BCCI Review Against Order Setting Aside NCLAT Decision Closing Byju's CIRP

The Supreme Court recently dismissed a review petition filed by the Board of Control for Cricket in India (BCCI) against its October 23, 2024 ruling in the Byju's insolvency case.In that ruling, the court had set aside the National Company Law Appellate Tribunal's approval of a post-admission settlement in the corporate insolvency resolution process of Think & Learn Pvt. Ltd., Byju's parent company. It had also held that once insolvency proceedings are admitted, they cannot be withdrawn...

Bombay High Court Stays Retrospective GST Demand On Insurance To SEZ Units Allegedly For Employee Benefits

The Bombay High Court has stayed GST demands on insurers over policies issued to SEZ units, which the department claimed were for employees, prima facie finding the retrospective levy may be without jurisdiction prior to October 1, 2023.A Bench of Justice G. S. Kulkarni and Justice Farhan P. Dubash held, "Prima-facie, we find much substance in the contention urged on behalf of the petitioners that the designated officer would not have jurisdiction to retrospectively levy tax on the petitioners...

LiveLawBiz: Corporate Legal News Daily Round-Up: April 02, 2026

COMPANY LAW NCLT Ahmedabad Sanctions Fast-Track Amalgamation Of Adani Harbour Services With Adani PortsNCLT Chennai Sanctions Cultfit Group Restructuring SchemeSupreme Court Grants Pre-Arrest Bail To SRS Finance Director Ankit Sachdeva In Fraud Case, Issues Notice To SFIOImpleadment Not Allowed Without Pleadings Or Relief Against Proposed Parties: NCLT KochiNCLT Ahmedabad Dispenses With Shareholder, Creditor Meetings In Alkem Medtech Ortho–Alkem Medtech AmalgamationRestoring Struck-Off Company...

Delhi Excise Policy Case: PMLA Appellate Tribunal Upholds ₹24.25 Cr Attachment Of Properties Of Gautam Malhotra, Companies

The PMLA Appellate Tribunal (Appellate Tribunal under SAFEMA) has upheld the attachment of properties linked to Diamond Liquors Pvt. Ltd., Gautam Malhotra, and Gautam Wines Pvt. Ltd., rejecting their challenge to the attachment of Rs. 24.25 crore in a case arising from allegations of kickbacks and cartelization under the Delhi Excise Policy 2021 to 22. A coram led by Chairman Justice Munishwar Nath Bhandari, along with Member G. C. Mishra, found that the funds were not incidental but were used...

Delhi High Court Injuncts 'Gainda' Cleaning Products For Copying Harpic, Colin, Lizol Trade Dress

The Delhi High Court has granted an interim injunction restraining Grand Chemical Works from manufacturing and selling cleaning products under its 'Gainda' mark that deceptively resemble Reckitt's Harpic, Colin, and Lizol brands.Passing the order on March 28, 2026, Justice Tejas Karia held that the defendant's products imitate the essential features of the plaintiffs' trade dress and are likely to mislead consumers into believing they originate from the same source. “The overall comparison of...

Supreme Court Refuses To Interfere With Bombay HC Order Quashing IT Assessments Against Merged Reliance Entities

The Supreme Court on Wednesday refused to interfere with a Bombay High Court ruling that had quashed income tax assessments issued in the names of Reliance Polyethylene Ltd. and Reliance Polypropylene Ltd. even after their merger with Reliance Industries Ltd., noting that the Revenue has issued a fresh notice pursuant to the High Court's decision. A Bench of Justice Pamidighantam Sri Narasimha and Justice Alok Aradhe dismissed the Revenue's special leave petitions after recording that the...

LiveLawBiz IBC Quarterly Digest: January - March 2026

SUPREME COURTPromise To Arrange Funds In Case of Default Does Not Make Promoter A Guarantor: Supreme CourtCase Title: UV Asset Reconstruction Company Limited v. Electrosteel Castings Limited Citation: 2026 LLBiz SC 3 Case Number: Civil Appeal No. 9701 of 2024The Supreme Court of India has held that a promoter's promise to arrange funds to help a borrower meet financial covenants does not amount to a contract of guarantee under the Indian Contract Act and cannot be used to fasten...

Delhi High Court Protects Personality Rights Of 'Pookie Baba' Aniruddhacharya Ji Maharaj

The Delhi High Court has recently granted a temporary injunction restraining the unauthorised use of the persona of spiritual preacher Aniruddhacharya Ji Maharaj (Anil Kumar Tiwari) popularly known as 'Pookie Baba', observing that the threat to his reputation was “real and present.” Justice Tushar Rao Gedela, by an order dated March 30, 2026, passed directions against various unknown defendants while also directing social media platforms Meta, X and Google to take down identified infringing...

Supreme Court Grants Pre-Arrest Bail To SRS Finance Director Ankit Sachdeva In Fraud Case, Issues Notice To SFIO

The Supreme Court on Thursday issued notice and made an order for pre-arrest bail to Ankit Sachdeva, a director of SRS Finance Ltd., whose anticipatory bail plea had earlier been dismissed by the Punjab & Haryana High Court by order dated March 4, 2024, which found prima facie involvement in a large-scale financial fraud.Sachdeva's petition before the top court challenges the High Court's refusal to grant anticipatory bail. A Bench of Justices Vikram Nath and Sandeep Mehta while...

Auction Purchaser Rights Not Absolute Under SARFAESI; Must Yield Where Sale Is Illegal: Supreme Court

The Supreme Court on Wednesday (April 1) held that the rights of a bona fide auction purchaser are not absolute and must yield where the sale process is legally flawed, as it dismissed appeals filed by auction purchasers and the Central Bank of India and upheld a Madras High Court judgment setting aside a SARFAESI auction sale.A bench of Justices Dipankar Datta and Satish Chandra Sharma affirmed the High Court's April 12, 2023 ruling, which had annulled the auction after finding that the...

LiveLawBiz: Corporate Legal News Daily Round-Up: April 01, 2026

COMPETITION LAW CCI Directs Investigation Against Venkateshwara Hatcheries Group, Finds Prima Facie Vertical RestraintsCOMPANY LAW NCLT Ahmedabad Sanctions Amalgamation Of Global CNC With Windsor MachinesNCLT Ahmedabad Directs Equity Shareholder Meetings For J.B. Chemicals-Torrent Pharmaceuticals MergerNCLT Ahmedabad Sanctions Amalgamation Of Penna Cement Into Ambuja CementsIBC IBBI Mandates International Valuation Standards for All IBC ValuationsSCC's Role In Liquidation Only Consultative,...