Latest court orders, judgments, and legal developments from Indian courts — AI-curated and summarized.
The ITAT upheld a ₹2.05 crore penalty on a Zee Group entity for claiming depreciation on non-existent assets, rejecting the argument that disclosures during a survey were involuntary.
The ITAT deleted a ₹6.98 crore disallowance on revaluation loss of unexpired foreign exchange forward contracts, holding that contractual obligations existed at year-end and the bank’s accounting method was consistent.
The ITAT upheld a ₹2.05 crore penalty on a Zee Group entity for claiming depreciation and amortization on accommodation entries detected during a departmental survey.
The SEBI appellate authority ruled that Action Taken Reports and file notings on third-party complaints are exempt from disclosure under the RTI Act to protect market integrity and fiduciary confidentiality.
The Kerala High Court held that issuing a Show Cause Notice (SCN) based solely on preliminary audit observations, which are not finalised findings, is legally unsustainable.
SEBI proposes EODB-aligned changes to REIT and InvIT rules, including 75% voting thresholds, sponsor exit rights, and public float norms.
SEBI proposes to ease Regulation 62A for first-time NCD issuers, removing mandatory retrospective listing while retaining requirement for future issuances.
SEBI proposes a new accreditation framework allowing portfolio managers to certify sophisticated investors based on securities exposure. The move introduces ₹5 crore exposure threshold and three-year validity.
SEBI has proposed amendments to the Settlement Proceedings Regulations, 2018, introducing a revised penalty formula, extended filing timelines, and streamlined procedures. The move aims to enhance transparency and efficiency in enforcement settlements.
Maharashtra’s 2025 amendment limiting lifetime trustees in public trusts has implications for corporate governance structures where trusts hold controlling stakes, notably Tata Sons. Legal debate centres on whether the move is reform or legislative overreach.
RBI now requires all goods and services exporters to file an Electronic Declaration Form (EDF) with their designated banks as a precondition for realization of export proceeds.
ICAI removed a CA's name from the register for one year for audit failures related to non-reporting of material financial irregularities and going concern risks in a case involving ₹1,150 crore siphoning.