AI-curated court updates, legal developments, and practice-area insights for Indian legal professionals.
The RBI has proposed new draft directions to regulate loan recovery practices, prohibiting coercive measures and enhancing borrower protections. Feedback is invited from stakeholders for refinement.
The SAFEMA Appellate Tribunal has ruled that routing demonetized cash through a third-party account constitutes a benami transaction under the PBPT Act, expanding the definition of 'property' in such cases.
The SAFEMA Appellate Tribunal ruled that properties belonging to alleged abettors cannot be attached under the PBPT Act unless proven to be benami properties. This underscores the need for clear evidence in such proceedings.
The RBI has updated governance rules for Urban Co-operative Banks, mandating a three-year cooling-off period after ten years of continuous service on the board. This is part of efforts to enhance governance standards.
The RBI has introduced new governance rules for Rural Co-operative Banks to prevent directors from evading tenure restrictions. A mandatory three-year cooling-off period is now required after a decade of continuous service.
ROC Haryana imposed significant penalties for late transfer of unspent CSR amounts, highlighting the regulatory requirement for timely fund allocation.
Under the Companies Act, 2013, the issuance and transfer of securities in dematerialised form is mandatory for most public and private companies, enhancing transparency and reducing fraud risk.
The National Shipping Board Rules, in effect since 1960, have been replaced, marking a significant regulatory change. The updated rules aim to enhance oversight and operational efficiency in the shipping industry.
The NCLT has admitted an insolvency plea against an online gaming firm for defaulting on a ₹2.81 crore loan. Swapnil Jain has been appointed as the Interim Resolution Professional to manage the firm's affairs.
The NCLAT has ruled that invoices are not mandatory to establish operational debt under the Technical Guidance Agreement, which entails a fixed royalty obligation. This ruling has significant implications for the enforcement of contractual liabilities.
The Delhi High Court has acquitted a Muslim man convicted in a 2008 interfaith marriage case, ruling that the relationship was consensual. This highlights complexities in interfaith marriages within deeply divided societal contexts.
The NCLAT directed Modi Lifecare to pay ₹63 lakh, clarifying invoices are not mandatory under the Technical Guidance Agreement. The ruling emphasizes the contract's obligatory nature for royalty payments.
The Calcutta High Court ruled that an ITR filed before a claimant's death substantiates earning capacity, and deducting personal expenses by 50% was deemed erroneous. Bajaj Allianz General Insurance has been ordered to pay enhanced compensation.