Latest court orders, judgments, and legal developments from Indian courts — AI-curated and summarized.
The Reserve Bank of India has amended the Income Recognition, Asset Classification and Provisioning guidelines for Local Area Banks. This amendment aims to enhance the financial stability and supervisory framework for these banks.
The CESTAT Kolkata has set aside penalties under Section 114A, reversing the duty demand and confiscation following a failed reclassification of goods. The ruling highlights the need for accurate classification based on substantiated evidence.
The RBI has introduced reporting measures for FCNR(B) deposits and External Commercial Borrowings as part of its strategy to enhance capital inflows amid current economic conditions.
The Reserve Bank of India has directed The Suri Friends’ Union Co-operative Bank Ltd. to adhere to banking regulations with an extension of existing directives. The orders, which relate to banking governance, will now be effective until January 22, 2026.
The CDSCO has initiated scrutiny over brand name extensions by pharma companies, signaling potential regulatory changes in the industry.
The Himachal Pradesh High Court recently ruled that isolated 'trap purchases' in a patent infringement case cannot establish jurisdiction. This decision reinforces the need for substantive connections in IP litigation.
The Telangana High Court granted conditional bail in a significant ₹12 crore HSNS Cess evasion case, considering custody duration and the absence of a custody petition. Practitioners should note the Court's approach to balancing judicial discretion and custodial rights.
RBI's draft guidance emphasizes the importance of board oversight and data governance as foundational elements for responsible AI deployment within financial institutions. This is part of a broader initiative to ensure accountability in data usage.
The Reserve Bank of India (RBI) has canceled the registrations of 135 non-banking financial companies (NBFCs) under Section 45-IA. This action reflects ongoing regulatory scrutiny and adherence to the 'SBR framework' for ensuring cooperative and healthy practices within the sector.
The Bombay High Court has remanded the proceedings regarding wilful defaulter orders, allowing for their withdrawal due to violations of natural justice. Fresh proceedings will require the disclosure of relevant material, personal hearings, and reasoned orders.
The Gujarat High Court granted anticipatory bail to petitioners involved in a partnership dispute, clarifying that financial discrepancies in ITRs do not constitute evidence of a money lending offence.
The Calcutta High Court quashed a show cause notice issued by Bank of Baroda, ruling that reliance on an inconclusive forensic audit report without further inquiry was unjustified.