Supreme Court Stays SEBI Dividend Default Prosecution Against Former Zylog Systems Executive Till Next Hearing

The Supreme Court on Wednesday stayed the Madras High Court's April 6, 2026 order refusing to quash criminal proceedings initiated by SEBI against Parthasarathy Srikanth, former Executive Director of Zylog Systems Ltd. The proceedings are pending before the Principal Sessions Court, Chennai, over the alleged failure to disburse Rs. 16.44 crore in declared dividends to shareholders. A Bench of Justices P.K. Mishra and N.V. Anjaria, while issuing notice, stayed further proceedings in the...

Supreme Court Sets Aside NCLAT Order Upholding CCI's ₹202 Crore Penalty On Amazon In Future Coupons Deal

The Supreme Court on Wednesday allowed Amazon's appeal, setting aside the CCI's ₹202 crore penalty and suspension of approval for its 2019 Future Coupons investment, along with the NCLAT order that upheld it.A Bench comprising Justices Vikram Nath and Sandeep Mehta ultimately held that both the CCI's December 17, 2021 order and the June 13, 2022 judgment of the NCLAT could not be sustained. “In view of the findings recorded above, the appeal is allowed. The impugned judgment dated 13 June 2022...

Power To Correct Clerical Errors In Arbitral Awards Can't Be Used To Substantially Modify Them: Supreme Court

The Supreme Court on Tuesday reiterated that the limited power to correct clerical, computational, or typographical errors in an arbitral award cannot be used to substantially modify it by replacing simple interest with compound interest. Setting aside Gujarat High Court and Commercial Court orders, the Court held that Saryu Plastics Pvt. Ltd. was entitled only to simple interest at 21.675% during the pendency of arbitration, reversing a modification that had increased Gujarat Water Supply and...

LiveLawBiz: Corporate Legal News Daily Round-Up: May 26, 2026

SECURITIES LAW SEBI Fines Catalyst Trusteeship ₹2 Lakh For Wrong CRA Disclosure and Delay In Default Reporting TAX Reliance Industries' n-Hexane Import Cannot Be Classified As Motor Spirit Merely For Low Flash Point: Supreme Court GSTAT Delhi Upholds Anti-Profiteering Order Against Builder, Directs ₹63.93 Lakh Refund Gujarat AAR Declines To Answer GIFT SEZ Co-Developer's GST Zero-Rating Query On SEZ Supplies Supreme Court Issues Notice In DMRC Plea Against ₹45 Crore Service Tax Demand On Upfront...

Office-Bearers Can Face NI Act Prosecution If Complaint Shows Their Role In Transaction: Supreme Court

The Supreme Court on Tuesday held that criminal liability for cheque dishonour cannot be fastened on a person merely because they hold an office in a society, while making it clear that proceedings cannot be quashed at the threshold where the complaint discloses sufficient factual material linking them to the underlying transaction. A Bench of Justice Prashant Kumar Mishra and Justice N.V. Anjaria partly allowed an appeal filed by Mansi Finance (Chennai) Ltd against a Madras High Court order...

Supreme Court To Examine If It Can Invoke Article 142 To Enable Arbitral-Style Dispute Resolution Where Existing Remedies Fail

The Supreme Court on Tuesday issued notice on applications filed by an intervenor raising the question of whether, in exceptional cases involving complex disputes where existing remedies are incapable of producing effective and expeditious resolution, the top court can create a court-supervised dispute resolution mechanism with arbitral characteristics. The question particularly concerns matters involving State instrumentalities. A Bench of Justices Prashant Kumar Mishra and N V Anjaria issued...

Supreme Court Refuses To Interfere With HC Ruling Allowing JSW Steel's Rs 47.47 Crore Electricity Duty Refund

The Supreme Court on Tuesday refused to interfere with a Bombay High Court ruling directing Maharashtra authorities to refund Rs 47.47 crore in electricity duty to JSW Steel, upholding the company's claim to exemption till August 2019 under the State's incentive scheme. A Bench of Justices B.V. Nagarathna and Ujjal Bhuyan dismissed the State of Maharashtra's special leave petitions challenging the April 2 judgment. “We have heard learned senior counsel for the petitioners and learned senior...

Delhi High Court Directs SpiceJet To Disclose Assets In Sunbird France Plea To Enforce ₹84 Crore Foreign Decree

The Delhi High Court on Tuesday directed SpiceJet Ltd to file an affidavit disclosing its assets within three weeks in proceedings initiated by France-based aircraft lessor Sunbird France 02 SAS. Sunbird is seeking enforcement of a foreign decree of around ₹84 crore passed by the England & Wales Commercial Court against the airline. Justice Vikas Mahajan recorded the consent of the parties. He directed that, without prejudice to their rights and contentions, SpiceJet shall file the...

Supreme Court Refuses To Interfere With Delay Condonation In Income Tax Dept's Appeal Against IFUNA

The Supreme Court on Monday refused to interfere with a Delhi High Court order that condoned the Income Tax Department's delay in filing and re-filing its appeal against Indian Federation of United Nations Association (IFUNA). The delay was 154 days in filing the appeal and 112 days in re-filing it.The Delhi High Court had on March 24, 2026 condoned the delay observing that though the delay was substantial and not properly explained, a “lenient view in the interest of justice” was required A...

Supreme Court Dismisses IT Dept's Appeal Against Pernod Ricard In Advertising Expense Tax Dispute Over Delay

The Supreme Court on Tuesday dismissed the Income Tax Department's challenge to a Delhi High Court ruling in favour of Pernod Ricard India Pvt Ltd. It declined to interfere with the judgment that had held AMP and brand-building expenses could not be disallowed in the absence of evidence showing an arrangement with the foreign associated enterprise. The top court declined to entertain the Revenue's plea on account of a 384-day delay in filing the appeal. A Bench of Justices J.B. Pardiwala and...

Supreme Court Issues Notice In DMRC Plea Against ₹45 Crore Service Tax Demand On Upfront Lease Premium

The Supreme Court on Tuesday issued notice on an appeal filed by Delhi Metro Rail Corporation Ltd (DMRC) challenging a CESTAT ruling that upheld a service tax demand of over ₹45 crore. The demand relates to upfront fees received under long-term lease arrangements for property development linked to the Delhi Metro project.A Bench of Justices Pamidighantam Sri Narasimha and Alok Aradhe issued notice and agreed to hear the case on merits.The dispute arose from service tax demands against DMRC on...

Delhi High Court Dismisses Ilaiyaraaja's Review Plea In 'En Iniya Pon Nilave' Copyright Dispute

The Delhi High Court has dismissed composer Ilaiyaraaja's review petition against its May 21, 2026 judgment that upheld Saregama India Ltd.'s copyright claim over the sound recording of the iconic song En Iniya Pon Nilave from the Tamil film Moodu Pani, holding that no ground for review was made out.A Division Bench of Justice C. Hari Shankar and Justice Om Prakash Shukla rejected the plea after hearing Senior Advocate Swathi Sukumar for Ilaiyaraaja. The dispute began after Saregama sued Vels...