AI-curated court updates, legal developments, and practice-area insights for Indian legal professionals.
The National Company Law Tribunal (NCLT) dismissed Ernst & Young LLP's insolvency petition for ₹3.11 crore, questioning the validity of a claimed 1% success fee for securing GST relief. NCLT has directed the ICAI to review the fee structure and its implications.
The Securities and Exchange Board of India (SEBI) dismissed allegations of fraud against Axis Bank, finding insufficient evidence to support claims of disclosure violations or market manipulation. This decision upholds the integrity of Axis Bank's operations and clears the bank of wrongdoing.
The NCLT upheld the validity of a corporate guarantee from Jammu & Kashmir Bank following a demerger. The ruling confirmed that the transfer of mortgaged assets does not release the guarantor from liability, emphasizing the continuing nature of corporate guarantees.
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The CGPDTM's new guidelines on AI use in patent examination aim to maintain a balance between leveraging technology and preserving the integrity of the patent review process. This regulatory framework raises significant questions about human oversight.
The Securities Appellate Tribunal has set aside SEBI's rejection of an open offer withdrawal and remitted the matter for a speaking order due to unconsidered submissions.
A CBI Court has convicted a bank manager and multiple borrowers for conspiracy and cheating in a ₹2.82 crore loan fraud case, with forgery charges being dismissed.
The Bombay High Court has upheld the transfer of winding-up proceedings to the NCLT, deeming the sale of assets by secured creditors as non-obstructive to revival efforts.
The Bombay High Court has quashed a front-running FIR, establishing that under Section 26 of the SEBI Act, only SEBI has the authority to file complaints regarding such offences.
The Reserve Bank of India has issued Fourth Amendment Directions for small finance banks regarding CRR and SLR, granting exemptions to certain deposits. This amendment aims to enhance liquidity and support financial stability.
The RBI's Fourth Amendment Directions for regional rural banks provide exemptions to the CRR and SLR requirements for specific deposits, aiming to enhance liquidity and support banking operations.
The RBI has issued Fourth Amendment Directions for urban co-operative banks concerning CRR and SLR, providing exemptions to enhance liquidity. This decision is expected to positively impact the banking operations of these institutions.
The RBI has announced the Fourth Amendment Directions for rural co-operative banks concerning Cash Reserve Ratio and Statutory Liquidity Ratio, exempting certain new deposits. This change aims to enhance liquidity within these institutions.
The RBI has introduced the Third Amendment Directions for regional rural banks, temporarily lifting the interest rate ceiling on new deposits. This move is anticipated to improve liquidity and increase deposit rates.