Latest court orders, judgments, and legal developments from Indian courts — AI-curated and summarized.
The Reserve Bank of India's 2026 Directions on statutory audits for Non-Banking Financial Companies (NBFCs) lay out comprehensive rules regarding eligibility, independence, and rotation of auditors. These changes are set to enhance regulatory compliance and transparency.
The SAFEMA Tribunal upheld the attachment of a 1998 insurance policy, asserting that the premiums had been financed through proceeds of crime. The tribunal dismissed an appeal challenging the attachment, reinforcing the legal stance on asset recovery.
The Calcutta High Court ruled that independent chartered accountants are liable under Section 628 of the Companies Act for certifying false statutory returns, establishing accountability.
The Calcutta High Court ruled that Section 34 of the SARFAESI Act prevents civil courts from granting injunctions against secure creditors, thereby validating Axis Bank's actions.
The NCLT ruled that a fresh insolvency plea can proceed notwithstanding previous withdrawals and ongoing SARFAESI recovery processes. The ruling emphasizes the need for a statutory examination of liabilities by the Resolution Professional.
The ITAT ruled that failure to disclose foreign bank accounts in income tax returns can activate proceedings under the Black Money Act, even if the accounts were opened prior to the act. This ruling highlights the necessity for full disclosure in tax returns.
The Supreme Court has clarified that when income is estimated and books of accounts are rejected, the Income Tax Department cannot rely on those books for making separate additions which were not estimated by the Assessing Officer. This decision underscores the importance of maintaining accurate and justifiable accounts.
The Tripura High Court upheld the criminal defamation case against Madhabi Biswas Chakraborty, rejecting her plea to quash charges related to derogatory posts about the PM and others.
The RBI has issued a draft on 'Interest Rates on Loans and Advances' for public consultation, addressing regulatory policies for effective monetary policy transmission.
The Delhi High Court addressed the evidential threshold necessary to obtain an interim injunction in the Saregama case. This ruling clarifies the requirements for establishing copyright ownership at the interim stage amid evolving digital landscapes.
The Delhi High Court has ruled that the Assessing Officer can critique the flaws in Discounted Cash Flow (DCF) methodology but cannot modify the expected rate of return used in share valuation under Section 56(2)(viib).
The IBBI has suspended the Authorised Financial Advisor of a liquidator for three months due to non-filing and non-cooperation during the liquidation of Oceanic Edibles. This measure underscores the necessity for diligence and transparency in insolvency proceedings.