Latest court orders, judgments, and legal developments from Indian courts — AI-curated and summarized.
Companies can issue bonus shares from their Securities Premium Account even if they are facing accumulated losses, provided they comply with the required statutory conditions outlined in Section 63.
Myntra Designs Pvt. Ltd. has been penalised by the Reserve Bank of India for violations of the Foreign Exchange Management Act. This case highlights the necessity of complying with regulatory filings in overseas investments.
The NCLAT has held that banks cannot be found guilty of wilful contempt for not releasing non-fund based credit facilities as per an approved resolution plan, unless there is clear evidence of deliberate defiance of court orders.
The RBI has issued amendments to the governance directions for urban co-operative banks, strengthening the requirements for board constitution and oversight.
The RBI has amended the governance directions for rural co-operative banks, enhancing the framework for board constitution and governance.
The RBI has issued amendments affecting Foreign Portfolio Investors' investments in government securities, aimed at improving regulatory oversight and compliance in this sector.
The RBI has amended the Foreign Exchange Management (Cross Border Merger) Regulations, streamlining processes for cross-border mergers. This amendment modifies previous regulations to facilitate smoother cross-border transactions and compliance for companies engaged in mergers.
The Reserve Bank of India has amended the Foreign Exchange Management Regulations for exports, enhancing compliance measures under the Foreign Exchange Management Act. These changes streamline requirements for exporters of goods and services, ensuring better regulatory oversight.
Puran Associates Private Limited has been penalized for failing to comply with asset classification provisions according to RBI regulations. This emphasizes the scrutiny on asset management practices.
The Registrar of Companies has penalized a company for issuing shares at a price below the registered valuer’s determined value, reinforcing compliance with Section 62(1)(c) of the Companies Act.
The NCLAT ruled that dismissal for want of prosecution was unwarranted as multiple adjournments arose from the Tribunal's own constraints, underscoring fairness in judicial proceedings.
The Calcutta High Court has barred the regional director from permitting the Hindusthan Glass head office shift during pending appeals at NCLAT, clarifying the interpretation of relevant provisions.